3 FinTech companies impacting Iran’s financial services industry

By Leandra Monteiro

A few years ago, The Central Bank of Iran (CBI) proposed its 2025 Roadmap, which aims for the development of a strong future for the banking system. The roadmap is set to outline a fitting role for FinTech companies in the Iranian banking system, including a separate regulatory body for monitoring and supporting FinTech services.

According to Statista, the Iranian market’s largest segment will be Digital Payments with a total transaction value of US$22.12 billion in 2022. The average transaction value per user in the Neobanking segment is projected to amount to US$14.99k in 2022. With the segment expected to show a revenue growth of 44.8% by 2023.

Each year, tech companies are digging deeper into the financial services value chain and also creating new market structures in underbanked developing countries such as Iran. Pure FinTech players are now sharing the market with some banks which provide new, digital-friendly banking services and integrate digital payments, microfinancing, and robo-advisor services into existing bank accounts.

Here are 3 such FinTech companies leading the way in Iran:

• Bahamta

Bahamta is a payment service provider. It provides paying and receiving money for businesses and individuals. It allows the user to make a bill to customers to ask for money and gets notified when the bill is paid. They offer a mobile application available for Android and iOS platform. Also, provides API payment gateway for payment processing.

• Jibimo

Jibimo is a peer-to-peer mobile payment application for both consumers and businesses that allows customers to pay or refund their friends or partners instantly, at no cost! With Jibimo, your mobile becomes your connected wallet. It’s Simple, Social and Secure. It provides an API gateway for businesses for payment processing.

• Lendo

As the first and one of the largest LendTech start-ups at Iran, its online platform provides the opportunity to invest smartly and pay in installments simultaneously by empowering individuals and businesses to join sharing economy. Lendo has come up with solutions in the Installment purchase and payment industry through the integration of information technology and financial innovations such as credit ratings based on artificial intelligence.

ALSO READ: Global Payments Vendors and Landscape Report Q2 2022