Without a doubt, 2020 has carried us on a crazy carousel ride with more downs and very few ups to enjoy. While many businesses across the globe have been forced to shut down their activity, some start-ups managed the complete opposite.
These startups are taking off and seeing huge revenue growth, despite the restrictive business environment.
Many Middle Eastern start-ups are now thriving. If you are searching for some fresh inspiration for your own new venture, these next few examples should teach you how to grow exponentially by exceeding the needs of your prospects and customers.
Without further ado, here are a few of the most successful start-ups in the Middle East that deserve all eyes on them right now.
Nana Direct: Saudi Arabia’s Instacart
Keeping up with one’s grocery needs during harsh pandemic restrictions has forced many to shop using online grocery delivery services.
These services have anticipated these needs and provided just what shoppers expected: simple shopping experiences from any computer or mobile device from the comfort of one’s home.
Instacart is one of the most successful such services addressing the needs of people in North America. Their collaboration with more than 500 popular retailers makes them one of the most sought-after online shopping services on the continent.
Following the same successful business model, Nana Direct has turned into one of the most popular start-ups in the Middle East.
The start-up is the pioneer online shopping and delivery service serving the needs of households in Saudi Arabia. They cover all areas and they manage to deliver top services complying with the highest standards.
Nana was originally founded in 2016 and has managed to raise $29 million from interested investors who saw its true potential. The Middle East start-up now caters to the needs of 14 cities in the Kingdom of Saudi Arabia.
They have also partnered with big supermarkets such as Carrefour, Manuel, Panda, Farm Superstores, and others. Users can make payments online via electronic options or cash upon delivery.
It is also possible to prepare your e-cart and schedule a delivery at a later time and date. Nana Direct boasts an around-the-clock customer support team that is extremely helpful, friendly, and ready to answer any question or concern.
Solid customer support allows users to enjoy outstanding service without worrying they don’t understand the fine print.
The main offices are located in Riyadh and they are currently one of the top 10 most profitable small businesses in Saudi Arabia in 2020-2021. To read about the other top performers in this particular market, you can turn to Arab Financials’ dedicated financial news platform.
These investors can stay up to date on the most successful and innovative businesses in the Middle East.
Nymcard, One of the Best Payment Processors in the Middle East
Fintech has managed to reach incredible growth in the Middle East over the past few years. NymCard is a Middle Eastern start-up that chose to take advantage of the thriving character of this new technology.
NymCard was officially founded in 2018 to provide an advanced card issuing platform that could also process payments using cloud technology. The start-up has received $14 million in funding from investors.
Additionally, the firm has partnerships with Mastercard and Visa. Partnerships like these have vaulted them into the number one spot amongst payment processors in the region.
The nCore platform enables brands and businesses to easily integrate with a variety of different payment ecosystems with zero back-end issues.
NymCard has offices in Beirut and Abu Dhabi and it is currently the only, locally based, service in the MENA area that has managed to build its powerful tech from zero.
The service offers access to a full set of APIs that can be used for building, assessing, and launching customized card programs hassle-free.
Users can easily distribute virtual as well as physical cards, while the 24-hour customer support team is ready to provide assistance every step of the way.
Tabby, Buy-Now-Pay-Later Start-up In Dubai
Tabby is a Dubai-based buy-now-pay-later service similar to its successful Affirm counterpart in the US.
The start-up in Dubai was officially founded in 2019. Since its release, Tabby has partnered up with a series of popular retailers in the region in order to allow customers two additional payment options:
- Defer payment for purchase for up to 30 days
- Pay in four monthly installments with zero interest
The company is based in Dubai and has received impressive funding of $32 million so far. The most important investment came during the December 2020 Series A from the Mubadala Investment Company based in Dubai.
Tabby has also created a strong partnership with Visa and has also complied with the regulatory sandbox requirements by the Central Bank in Saudi Arabia regarding Fintech companies.
Tabby is currently enjoying an extremely advantageous position in the Middle Eastern market for start-ups due to the incredibly high demand for its services.
Following in the footsteps of the Affirm company, and encouraged by the impressive validation provided by the market, Tabby is definitely a start-up you should keep a close eye on in 2021 and beyond.
Mamo Pay, Dubai’s Venmo
Another interesting start-up to keep an eye on in the upcoming months is Mamo Pay. Many consider Mamo Pay to be the Venmo of the UAE. It was launched in December 2020 and its offices are located in Dubai.
Mamo Pay is a successful peer-2-peer payment app with hundreds of thousands of users. They rely on it to connect their bank accounts and transfer their funds from a dedicated Mamo Pay wallet to their bank accounts 24/7.
Like Venmo, the idea is to allow payments from any location where you have an internet connection.
With total funding of $1.5 million, this start-up offers enhanced protection for users’ confidential data with the help of advanced security solutions.
Load-Me, Dubai-based Truck Transportation Management System
Load-Me is a popular payment system revolving around matching carriers with shippers. The service can significantly cut costs and increase quality and productivity. The Dubai Ports
Authority is an early seed investor for Load-Me, which currently conducts operations all over the Middle East, as well as Africa, Europe, and Asia.
Shippers using this service not only boost their cash flow, but they also triple their fleet while using the same staff and also cut their workload to fifty percent.
Real-time track shipment monitoring and more efficient communication with drivers are also additional benefits of using Load-Me.
Carriers can expect to increase their profits, get easier access to more loads from trustworthy shippers while saving precious time when communicating with their drivers, and increase the truck usage percentage with the help of reverse hauling.
These are five of the most interesting start-ups in the region that you could find inspiration in if you are looking for fresh business or growth ideas for your own start-up. The bottom line is anyone with a good business idea can start their own company around the idea.
These startups are successful in part because they are developing innovative products or services focused on solving current problems.
Without a doubt, being able to find good inspiration is critical, and using the power of examples should motivate you to initiate your own journey in the start-up world quicker.
Here we have discussed start-ups that are funded by external sources of investment.
This is proof that one need not be personally wealthy to turn your own unique idea into a growing start-up. You just need to pitch it to the right people and believe in yourself