Tap Payments rises to 13th in regional fintech ranking

Kuwaiti-founded Tap Payments has climbed to 13th place in the 2026 Forbes Middle East Fintech 50, gaining 11 positions over two years and securing a third consecutive appearance on the regional ranking.

The payments technology company rose from 18th position in 2025 and 24th in 2024, reflecting a sustained improvement in its standing among financial technology businesses operating across the Middle East and North Africa. The latest list, released on 8 October, places Tap immediately behind Saudi lending platform Lendo and ahead of Jordanian payments company MadfoatCom.

Founded by Kuwaiti entrepreneur Ali Abulhasan in 2014, Tap provides infrastructure enabling businesses to accept payments, manage transactions and move funds across different markets. The company is headquartered in Saudi Arabia, according to the 2026 ranking, although its origins and early operations were in Kuwait.

Tap serves more than 120,000 businesses across the region and maintains connections with over 200 banks, according to information submitted for the ranking. Its network supports merchants operating in Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar and Oman, with services extending into other Middle Eastern and North African markets.

The company’s improved position follows the expansion of its regulatory footprint. It obtained a Retail Payment Services Provider licence from the Central Bank of the UAE in 2025, completing regulatory approvals across the six Gulf Cooperation Council countries. It also secured authorisation from the Central Bank of Egypt to operate as a payment facilitator and payment service provider.

Those permissions are important for a business offering cross-border payment infrastructure because merchants must accommodate different national rules, banking arrangements and domestic payment systems. Regulatory authorisation does not eliminate differences between markets, but it enables licensed providers to deliver services within the applicable local frameworks.

Tap’s platform supports domestic payment networks including Saudi Arabia’s mada, Kuwait’s KNET and Bahrain’s Benefit, alongside international options such as Visa, Mastercard, American Express and Apple Pay. Buy-now-pay-later services are also included among its supported payment methods.

The company says its technology allows merchants to integrate multiple payment methods without building separate technical connections for each market. Its products include payment gateways, application programming interfaces and billing tools for online businesses, physical retailers and merchants selling through social channels.

Ali Abulhasan, the company’s co-founder and chief executive, has emphasised the importance of local infrastructure and regulatory cooperation in facilitating regional expansion. Following the ranking announcement, he said businesses should be able to enter additional Middle Eastern markets without rebuilding their payment operations in every country.

The latest recognition comes amid substantial competition for payment processing and related financial services. The 2026 Fintech 50 is headed by Saudi-based shopping and financial services platform Tabby, followed by Egypt’s Fawry and MNT-Halan. Network International, Rasan and Thndr also appear among the leading companies.

The UAE accounts for 15 entries on this year’s list, Saudi Arabia for 13 and Egypt for 10. Companies from 10 countries feature overall, with 18 new entrants, including Network International, Astra Tech, PRYPCO and Digit9.

Payments remain a prominent category within the ranking, alongside digital banking, consumer finance, investment platforms, insurance technology and digital assets. Regional financial technology businesses attracted $708 million through 51 funding rounds during the first half of 2026, according to investment data cited in the ranking.

The ranking considers digital transaction volumes during 2025, application downloads, active users, geographical presence, growth, payment innovation, customer impact, venture capital funding and valuations. Its organisers say the underlying information was provided by participating companies, making the exercise a comparative industry assessment rather than an independent audit of financial performance.

Tap has also pursued commercial partnerships intended to extend its payment services. At Web Summit Qatar in February 2026, it announced an agreement with payment orchestration company Yuno to support enterprise merchants entering Middle Eastern and North African markets through locally licensed infrastructure.

An earlier collaboration with Mastercard introduced Click to Pay in 2024, while the company obtained a payment service provider licence from Qatar’s central bank that year. These initiatives formed part of its development of payment acceptance tools for merchants serving customers across different channels.

Tap describes its regional workforce as comprising more than 200 payments and technology specialists from over 20 nationalities, with offices in eight countries. Its published regulatory licences cover Saudi Arabia, Kuwait, the UAE, Bahrain, Qatar, Oman and Egypt, respectively.