In today’s world, where fintech is transforming the lives of individuals, businesses, and the financial sector as a whole, small and medium-sized enterprises (SMEs) play a crucial role in driving innovation and economic growth. At Bank al Etihad, we’re proud to support companies that are shaping the future of fintech.
That’s why we launched our SME Award for 2024 under the theme "Shape the Future of Fintech." The award aims to spotlight companies providing innovative and impactful fintech solutions that contribute to the growth of the digital economy and make financial services more accessible. Out of many impressive contenders, 3 companies made it to the final round: Capifly, InvoiceQ, and DESAISIV.
In this article, we’ll explore how each one of these companies is shaping the future of fintech in Jordan.
But first, what is fintech?
Fintech, which stands for financial technology, involves using innovative technologies to improve financial services. This includes various tools that make financial processes easier, faster, and more accessible. From mobile banking apps to digital payment systems and lending platforms, fintech is transforming how we manage money and increasing access to financial services.
To learn more about fintech, read our article: How fintech is shaping the future of financial services.
So, which companies stood out?
This year, many companies competed for our award, but 3 truly stood out. Let’s take a closer look at them!
InvoiceQ
In the world of SMEs, where around 90% still rely on paper invoices in their daily operations, issues like high costs, difficulty tracking invoices, ensuring tax compliance, and decreased efficiency are common.
InvoiceQ saw an opportunity to turn this challenge into a promising solution. With the rapid growth of digital transformation across the Middle East, the team decided to harness technology to redefine how businesses manage invoices. This led to the creation of InvoiceQ, a comprehensive platform designed to fully digitise the invoicing process and make payment collection smoother and more efficient.
Their platform allows SMEs—who make up most of their customer base—and large companies to convert paper invoices into digital ones. It also enables payments and collections through local and global channels like eFAWATEERcom and Visa. This platform not only speeds up payments and collections but also supports businesses in their digital transformation. It offers dynamic workflows, the ability to assign user permissions, real-time data updates, and a direct communication channel between sellers and buyers.
With its annual subscription model, InvoiceQ has succeeded in providing a practical solution for businesses looking to streamline invoice management and ensure accurate tax compliance, as the platform has been designed to comply with the Income and Sales Tax Department (ISTD) in Jordan, making it a great option for companies.
DESAISIV
HR teams face major challenges in managing health insurance, as analysing claims data can take weeks, delaying decision-making and increasing costs. This is where DESAISIV’s platform provides an innovative solution, leveraging artificial intelligence to reduce the time needed for analysis from weeks to just one minute, once the necessary files are uploaded.
DESAISIV was created to move away from traditional, complex methods of managing health insurance and introduce a smarter, data-driven approach. This enables companies to make quick, informed decisions that cut costs while ensuring the health and safety of their employees.
The platform offers companies and insurance providers a suite of AI-powered services that automate insurance processes, design benefits and coverage policies, and enhance service quality by predicting health issues and reducing customer consumption. It also cuts request processing time by 40%, significantly improving cost management and efficiency.
DESAISIV’s success is not just about cutting-edge technology, it reflects an entrepreneurial vision that has gained widespread recognition. The platform has received prestigious awards, including the Insurance Authority Award in Saudi Arabia and the Queen Rania National Entrepreneurship Award in Jordan, making it one of the top startups in the region.
Capifly
Over the past few years, the Capifly team noticed the challenges startups face in the region. After understanding the needs of businesses that depend on timely and steady growth, they realised that one of the biggest challenges is securing capital. This led to the creation of Capifly, an innovative solution designed to help businesses access the alternative funding they need.
Capifly developed the first online lending platform for startups in the MENA region, offering fast, short-term financing that is Sharia-compliant and non-dilutive. The platform connects startups with investors, helping businesses secure the capital they need for growth without giving up ownership.
For investors, the platform provides the opportunity to explore, assess, and manage investment opportunities in exceptional projects across the region. It offers a seamless, technology-driven experience for executing and tracking investments while delivering attractive, risk-adjusted returns.
With its ambitious vision, Capifly aims to revolutionise alternative finance in emerging markets, opening doors for entrepreneurs in the region to reach their full potential and build inspiring success stories. This vision led Capifly to win the Bank al Etihad 2024 SME Award and a cash prize of 50,000 JOD after being selected by an independent panel of judges.