Moroccan company makes it to Forbes Middle East’s Top Fintech Companies in 2023

On Apr 10, 2023

Morocco’s HPS Company was included in Forbes Middle East’s recently released list of the Top 30 Fintech Companies in the region.

Following in the footsteps of Kuwait’s One Global and the UAE’s Sarwa online investment platform, HPS, a prominent global provider of complete payment solutions, won the 17th spot on Forbes’ coveted list.

Since its founding in 1995 by Mohamed Horani, Abdeslam Alaoui Smaili, Samir Khallouqui, and Driss Sabbahe, HPS has grown to be a formidable force in the payment industry, offering payment solutions to a variety of clients, including card processors, financial institutions, retailers, national and regional switches, wallet providers, energy providers, insurance providers, and MNOs.

According to the Forbes website, more than 450 institutions in over 90 countries presently use the company’s entire suite of payment options, known as “PowerCARD.”

In order to prepare for this year’s expansion into North America, HPS’s revenue climbed by a startling 20.8% in 2022, reaching a stunning $96 million. As of March 22, the business, which is traded on the Casablanca Stock Exchange, has a $435 million market cap.

This may have been a surprising addition to the list, but Egypt’s Fawry, which specializes in financial technology and electronic payments, was named this year’s Top Fintech Business. With over 280,000 agents and an amazing network of 36 member institutions, Fawry has devoted countless hours to serving 49.4 million consumers and processing transactions worth an astounding $6.8 billion in 2022 alone.

The UAE-based startup YAP, a financial app that caters to both consumers and businesses, finished off the Top 30 list at number 30. According to the number of app downloads, the number of countries in which the businesses operate, and the amount of money that would be transacted via digital channels in 2022, Forbes MENA came up with the rankings. The companies’ year-over-year growth as well as their effects on industry and customers were taken into consideration when ranking them. According to Forbes MENA, payment companies dominated this year’s list.

Fintech Forbes