Pre-pandemic, Fintech companies were riding a slow-but-steady wave in the Middle East as traditional businesses gradually turned to digital transformation, but 2020 lit a fire under their feet. Suddenly every business needed to adopt online payments, and they needed to do it fast.
For Kuwaiti digital payments gateway MyFatoorah, the impact was gamechanging. “Pre-pandemic, things were going good, ecommerce was growing, people wanted to shift online—but not everybody,” remembers MyFatoorah’s founder and CEO, Abdullah Aldabbous. “Once Covid hit, they shifted like lightning. The numbers were crazy.”
In 2020, MyFatoorah executed payments worth a total of $1.6 billion, up from $540 million in 2019—an increase of 196%. In 2021, this figure shot up again by 81% to hit nearly $2.9 billion. By the end of last year, the company’s app had been downloaded 255,000 times and had over 60,500 active users. Recent results have come as a relief. “We were afraid, thinking if life goes back to normal we will have a slowdown, but our numbers nearly doubled,” admits the CEO. “This is because our existing customers also grew; they never went back.”
This story is from the August 2022 edition of Forbes Middle East - English.
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This story is from the August 2022 edition of Forbes Middle East - English.
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