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Morocco-based ORA Technologies has secured $1.9 million in a Pre-Series A funding round to expand its digital payment and food delivery services, aiming to create an integrated superapp. The startup's Kooul service is rapidly gaining traction in Morocco's $1.5 billion food delivery market, while ORA Cash offers a fast, cost-effective mobile payment solution for the underbanked. With backing from Witamax and Azur Innovation Fund, ORA is positioned to lead Morocco's digital transformation and financial inclusion efforts.
UAE-based Klaim has secured $26 million in Series A funding to enhance its healthcare payment solutions, aiming for rapid expansion in the UAE, Saudi Arabia, and Oman. The funding, led by Mudassir Investment, will help streamline payment processes for healthcare providers, addressing financial strains caused by delayed payment cycles.
Moroccan startup ORA Technologies has raised $1.9 million in a pre-Series A funding round, bringing its total funding to $4.4 million. The company plans to expand its food delivery service, Kooul, and enhance its digital payment solution, ORA Cash, aiming to drive financial inclusion and transform Morocco’s digital economy. Founded in 2023, ORA Technologies offers a superapp with various services, including peer-to-peer transactions and e-commerce, and is focused on supporting the gig economy and unbanked populations.
Arab stock markets experienced steady growth in January, marking a second consecutive month of gains, with the composite index rising by 0.97%. Casablanca's stock exchange led the way with a 9.98% increase, followed by Kuwait and Amman at 5.73% and 5.11%, respectively, driven by strong corporate earnings and supportive monetary policies.While most markets thrived, Egypt, Qatar, Palestine, and Dubai saw modest growth of less than 1%. Notably, the Palestinian market recorded a remarkable 261.4% surge in traded value, contrasting with declines in Dubai, Egypt, and Muscat.
Arab stock markets showed positive performance in January, with a composite index increase of 0.97%, driven by strong corporate earnings and supportive monetary policies. The Bourse de Casablanca led gains at 9.98%, while the Tunisian market faced a significant decline of 71.7%. Despite mixed trading values, investor sentiment improved, reflecting a broader global market rebound.
Egypt's fintech sector has experienced a remarkable 5.5-fold growth over the past five years, driven by digital payments, lending solutions, and a youthful, tech-savvy population. Government initiatives and a supportive regulatory environment are fostering financial inclusion and innovation, positioning Egypt as a leading fintech hub in the MENA region. However, challenges such as regulatory complexities, digital literacy gaps, and cybersecurity concerns must be addressed to sustain this growth.
MENA recorded 701 M&A deals in 2024, a 3% increase from the previous year, with a total value of $92.3 billion, up 7%. The GCC region led with 580 deals worth $90 billion, driven by cross-border transactions, particularly in technology and consumer products sectors. Notable deals included Truist Insurance's $12.4 billion acquisition and Saudi Aramco's $8.9 billion stake in Rabigh Refining.
Omnispay, a UAE-based fintech startup, has secured $1.5 million in seed funding to enhance digital payments for SMEs, addressing the significant gap in the GCC's $1.5 trillion B2B payments market. The platform integrates invoice management, flexible payment disbursements, and micro-lending solutions, aiming to democratize access to financial tools for underserved businesses. Since its launch in 2022, Omnispay has onboarded over 1,600 businesses and achieved rapid growth, with a 40% month-on-month increase in transaction volume.
Omnispay, a UAE-based fintech startup, has secured $1.5 million in seed funding to enhance SME digital payments. The platform aims to streamline cash flow management for SMEs by integrating invoice management, payment disbursements, and micro-lending solutions, addressing the significant gap in digitized B2B transactions in the GCC. Since its launch in 2022, Omnispay has onboarded over 1,600 businesses and achieved 40% month-on-month growth in transaction volume.
Moroccan startup ToumAI, founded in 2021, is revolutionizing customer experience by leveraging AI and large language models to address multilingual and cultural challenges. Its HolistiCX suite combines proprietary and open-source models to enhance voice applications and IVR systems, catering specifically to African languages. With recent funding of $1 million, ToumAI aims to expand across Africa and into emerging markets, focusing on delivering tailored solutions for diverse customer bases.
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moroccan superapp ora technologies secures funding to expand digital services
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