Founding MENA #16

Newsletter #16

Founding MENA · 4 May 2026 · 3 min read

UAE Fintech

Welcome to the Founding MENA newsletter, bringing you the top stories from across the region every week.

I hope you find the newsletter insightful, but I’m always open to feedback and suggestions. Let’s get into it!

🤝🏼 Partnership Announcement

I’m delighted to announce Scaling MENA has partnered with CapQuest!

CapQuest's automatic SAFE tracker is a game-changer. Upload all your SAFEs at once and it instantly models dilution, tracks valuations, and turns fundraising scenarios from a spreadsheet nightmare into something you can run in minutes.

All of our readers can get 20% off their first year with CapQuest using the code: scalingmena20.

💰 Investment Rounds

🇦🇪 Comfi raised $65M in pre-Series A led by Iliad Partners. See more here.
🇦🇪 Udora raised $10M from private investors. See more here.
🇧🇭 Lola raised $3M in seed led by Vision Ventures. See more here.
🇸🇦 BRKZ secured strategic investment from Saudi Industrial Investment Company. See more here.

📰 Startup News

Rain Financial just acquired Digital Ma'arefa.

Digital Ma’arefa is the Saudi financial media company behind The Finance Memo, Crypto Memo, AI Memo, and a network that's amassed 1M+ followers across the last five years.

Digital Ma'arefa's three co-founders, Abdullah Mashat, Wael Almutlaq, and Abdullah Fageih, are joining Rain post acquisition.

Abdullah Mashat has been appointed Managing Director and will help lead Rain's regional ambitions.

Rain is licensed by the Central Bank of Bahrain and Abu Dhabi Global Market, serves 2M+ users, and has processed $11B+ in trading volume since 2017.

Digital Ma'arefa has 100K+ newsletter subscribers and 1M+ followers across platforms.

Rain raised $110M Series B in 2022 at a $500M valuation.

Vodafone Qatar just acquired maktApp through its subsidiary Infinity Fintech Ventures.

Founded in 2014 by Saleh Al-Mansouri, maktApp provides a cloud-based platform designed to help SMEs manage payments, invoicing, and daily business operations.

Its fintech arm, Fatora, focuses on simplifying payment collection and financial workflows for businesses across the region.

maktApp has been backed by Qatar Development Bank, Qatar FinTech Hub, and 500 Global.

This acquisition follows Vodafone Qatar's strategic shift into financial services, including the launch of iPay, a licensed e-wallet that positions the company beyond traditional connectivity.

By combining connectivity, fintech, and business software, Vodafone is building an integrated digital ecosystem for SMEs.

Telecom operators across MENA are following a similar playbook: move beyond data and voice, integrate financial infrastructure, and become the operating system for small businesses.

Financial terms were not disclosed.

📰 Other News

UAE ranks # 1 globally as the best place to launch a business

For the fifth consecutive year, the UAE has been named the #1 country globally to launch a business in the Global Entrepreneurship Monitor report.

The country is one of only four economies globally that have reached or exceeded sufficiency across all entrepreneurial framework conditions.

Here are the indicators where the UAE ranked #1 globally:

Physical Infrastructure
Government Policy: Support and Relevance
Government Policy: Taxes and Bureaucracy
Government Entrepreneurial Programmes
R&D Transfers
Ease of Entry: Market Dynamics
Ease of Entry: Burdens and Regulation
Entrepreneurial Education

Plus # 2 globally in Entrepreneurial Finance and Ease of Access to Finance. The numbers backing this up:

More than 1 in 5 adults (20%+) engaged in entrepreneurship
19.2% TEA rate (Total Early-stage Entrepreneurial Activity) — among the highest globally
7.0 NECI score (National Entrepreneurial Context Index) — measuring quality of entrepreneurial environment
22.4% entrepreneurial activity among residents, 19.6% among nationals
Top 5 globally in startups' ability to access international markets

The UAE has built an ecosystem where entrepreneurship isn't just celebrated culturally, it's embedded in how individuals think about wealth creation and legacy.

For context: the GEM report surveyed 160,000+ individuals across 53 economies representing 43% of the global population and 57% of global GDP.