Quarter 1Starting off the year with a bang! We managed to push boundaries like never before. Securing a record breaking $13M Seed funding round; the largest FinTech seed round in MENA history! It was led by Target Global and other investors including Kingsway, CE Ventures, Zamil Investment Group, Global Ventures, Almoayed Technologies, and Mad’a Investment.
We launched our first ever TG Ramadan Majlis! Which was a series of 20 minutes sessions with different guests from the industry, hosted on Instagram live. Where we discussed various topics relating to the sector, such as; ‘Innovation’ in the MENA, Financial Wellbeing, and even new emerging work culture.
Our impact in the ecosystem didn’t go unnoticed, as we were named the Best Data Management Solution Provider at the MEA Finance Magazine Banking Technology Summit & Awards 2021. As TG works alongside top financial institutions to provide them with an Account Aggregation platform, allowing their customers to view all their accounts, manage their finances, and track their spending all in one location.
In collaboration with our friends at DIFC we launched our second edition of TG Hub! An annual initiative where we bring together thought leaders from the sector alongside our team of experts. With the aim of giving back to our communities, through sharing our network, experiences and knowledge while simultaneously advocating for financial technology. This year we hosted two public events at DIFC as a part of their innovation month. Our first session was an insightful discussion panel about the Financial Services of tomorrow, followed by Masterclass sessions on Machine Learning and Progressive Web Apps hosted by industry experts from the Google Developer Groups (GDG).
We continued to make history with the introduction of ‘TG Pay,’ the region’s first Open Banking payments. Utilizing Open Banking APIs, TG Pay allows businesses to receive payments instantly and end-users to pay directly via their bank account in a fast and secure way.
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As we continued to drive the Open Banking in MENA, we managed to raise an impressive $12 million in pre-series A funding led by Tiger Global Management, which totaled to a combined amount of $25 million in investment in 8 months since our seed funding round in February.
There was no better way to finish up 2021 than by creating history once more. With our collaboration with Zain Bahrain, a regional telecommunications giant, we created the first use case of Open Banking payments within a telco app in the MENA region, ushering in a new age of collaboration between Fintech and telecoms in the region.
Our team expanded as we progressed through 2021. This year, we grew our operations through remote working, across jurisdictions such as the United Kingdom, the United Arab Emirates, Saudi Arabia, Bahrain, Pakistan, and India. Welcoming over 30 new team members. Increasing our diverse pool of talent at TG and even challenging the gender gap in technology by recruiting more female developers. Additionally, stay tuned for upcoming announcements about several key leadership hires!