Bahrain's Fintech Scene: Top Companies to Watch in 2024 and Beyond
Bahrain's fintech ecosystem, while smaller than some regional neighbors like the UAE or Saudi Arabia, is a dynamic and rapidly maturing hub, strongly supported by proactive regulation and government initiatives. A recent highlight identifies several key companies leading innovation and shaping the future of financial services within the Kingdom.
Bahrain's Growing Fintech Hub
Propelled by initiatives from the Central Bank of Bahrain (CBB), including its pioneering regulatory sandbox (launched in 2017) and the Fintech & Innovation Unit, Bahrain has fostered an environment conducive to fintech growth. The number of fintech companies has reportedly doubled since 2018, now exceeding 115-120 active players. Support from organizations like Bahrain FinTech Bay and Tamkeen (Labour Fund) further bolsters the ecosystem, alongside advancements like the FinHub973 open banking platform. Key drivers include a national push towards digitalization, supportive policies, and collaboration between traditional finance and agile fintech startups.
Top Fintechs Making Waves in 2025
Several companies stand out for their innovation and market traction:
Eazy Financial Services (EazyPay)
A prominent player specializing in Point-of-Sale (POS) systems and online payment gateways. EazyPay reportedly processed $4.2 billion in transactions in 2024, boasts around 7,800 POS machines, and achieved a $300 million valuation. Recognized by Forbes Middle East, the company plans expansion into the GCC and Europe.
CoinMENA
Founded in 2021 and licensed by the CBB (with a sister company licensed by Dubai's VARA), CoinMENA provides cryptocurrency services. Supporting over 50 digital assets, it claims 1.5 million registered users across 7 MENA countries and $2 billion transacted to date. Also featured on the Forbes top 50 list.
Rain
Another major CBB-licensed cryptocurrency platform, Rain offers brokerage services and an OTC desk for large transactions. It reports 1.3 million customers and $4.7 billion in volume. Rain is also pursuing expansion, notably seeking a license in Turkey. It too made the Forbes top 50 fintech list.
Aion Digital
Aion Digital focuses on building digital banking platforms for traditional banks, helping them accelerate their digital transformation. They claim significant results for clients, including increased customer acquisition via digital channels, reduced costs, and higher cross-selling rates.
Flooss
Positioning itself as Bahrain's first digital instant financing company, Flooss offers fully digital, Sharia-compliant micro-financing (BHD 100 - BHD 1,500) with instant disbursement. Licensed by the CBB, it operates on a transparent Murabaha model and has expanded into BNPL and device financing through partnerships.
Trends and Sector Focus
The highlighted companies showcase Bahrain's strengths in key fintech verticals: Payments and POS solutions (EazyPay), Cryptocurrency trading and services (CoinMENA, Rain), Digital banking enablement (Aion Digital), and Digital Lending/BNPL (Flooss). This reflects broader regional trends while also leveraging Bahrain's position as an established financial center.
Looking Ahead
Bahrain continues to solidify its position as a key regional fintech hub, leveraging its supportive regulatory environment and strong financial sector legacy. While challenges remain, particularly addressing the skills gap identified in recent reports, the success of leading companies like EazyPay, CoinMENA, Rain, Aion Digital, and Flooss demonstrates significant progress. Continued focus on innovation, talent development, and cross-border collaboration will be crucial for sustained growth in Bahrain's competitive fintech landscape.
Source: Fintechnews Middle East