Forbes Middle East recently unveiled its highly anticipated list of the Top 30 Fintech Companies in the region, with Morocco’s HPS Company included.
As a leading global comprehensive payment solution provider, HPS claimed the 17th spot on Forbes’ coveted list, following in the footsteps of Sarwa, a UAE-based online investment platform, and Kuwait’s One Global, a financial services company.
Founded in 1995 by Mohamed Horani, Abdeslam Alaoui Smaili, Samir Khallouqui, and Driss Sabbahe, HPS has become a force to be reckoned with, providing payment solutions to card processors, financial institutions, retailers, national and regional switches, wallet providers, energy companies, insurance companies, and MNOs, among others.
Forbes’ website explains that the company’s comprehensive suite of payment solutions, known as “PowerCARD,” is currently employed by over 450 institutions in approximately 90 countries.
With an eye towards expanding its operations into North America this year, HPS’ revenue increased by a staggering 20.8% in 2022, reaching an impressive $96 million. The company is listed on the Casablanca Stock Exchange and currently boasts a market cap of $435 million as of March 22.
While HPS may have been a surprise inclusion on the list, the Top Fintech Company this year was awarded to Egypt’s Fawry for banking technology and electronic payments. Boasting an impressive network of 36 member banks and over 280,000 agents, Fawry has worked tirelessly to serve 49.4 million users and process transactions worth a staggering $6.8 billion in 2022 alone.
Rounding out the Top 30 list at number 30 was the UAE-based company YAP, a financial app serving both individuals and businesses. Forbes MENA determined the rankings based on the amount of money executed through digital routes in 2022, the number of app downloads, and the number of countries in which the companies operate. The ranking also took into account the companies’ growth over the past year and their impact on business and consumers. Forbes MENA noted that this year’s list was dominated by payment firms.
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