Latest news with #AppliedAI
Wamda
11 hours ago
- Business
- Wamda
MEVP joins AppliedAI's Series A round
UAE's MEVP has joined AppliedAI's $55 million Series A round, along with G42, Bessemer Venture Partners, and strategic partner e&. The round was oversubscribed. Founded in 2021 in the UK by Arya H. Bolurfrushan and relocated to the UAE in 2022, AppliedAI leverages AI to process medical billing records and insurance claims faster and more accurately than traditional outsourcing firms. The new funding will support AppliedAI's international expansion, enhance product capabilities, and deepen its presence in the MENA region, where the company is building partnerships within the UAE's AI ecosystem. Previously, the company raised $42 million in 2022 from G42 and the Al Maktoum family. Press release: Middle East Venture Partners (MEVP), the pioneer and one of the largest venture capital firms in MENA, today announced its investment in AppliedAI as part of the company's Series A funding round alongside G42, Bessemer Venture Partners, and strategic partner e&. The investment completes AppliedAI's oversubscribed $55M Series A. AppliedAI, an Abu Dhabi-based company, has developed an AI-powered automation platform, dubbed Opus, that transforms back-office operations in highly regulated industries, including financial services, healthcare, and government sectors. The company's enterprise-grade solutions address critical digitisation needs across the region. "AppliedAI exemplifies the exceptional founders we back – talented entrepreneurs building innovative technology solutions that drive meaningful transformation in the Middle East," said Walid Mansour, Co-CEO at MEVP. "Their deep understanding of regulated environments and proven enterprise traction make them a natural fit for our portfolio as we continue building global AI leaders from the MENA region, bringing forth innovation in tech and societies alike." The funding will accelerate AppliedAI's international expansion while strengthening product capabilities and regional market presence. The company relocated from London to Abu Dhabi in 2022, establishing strong partnerships within the UAE's growing AI ecosystem.
Zawya
14 hours ago
- Business
- Zawya
MEVP invests in AppliedAI's Series A round
DUBAI, UAE - Middle East Venture Partners (MEVP), the pioneer and one of the largest venture capital firms in MENA, today announced its investment in AppliedAI as part of the company's Series A funding round alongside G42, Bessemer Venture Partners, and strategic partner e&. The investment completes AppliedAI's oversubscribed $55M Series A. AppliedAI, an Abu Dhabi-based company, has developed an AI-powered automation platform, dubbed Opus, that transforms back-office operations in highly regulated industries including financial services, healthcare, and government sectors. The company's enterprise-grade solutions address critical digitization needs across the region. "AppliedAI exemplifies the exceptional founders we back - talented entrepreneurs building innovative technology solutions that drive meaningful transformation in the Middle East," said Walid Mansour, Co-CEO at MEVP. "Their deep understanding of regulated environments and proven enterprise traction make them a natural fit for our portfolio as we continue building global AI leaders from the MENA region bringing forth innovation in tech and societies alike." The funding will accelerate AppliedAI's international expansion while strengthening product capabilities and regional market presence. The company relocated from London to Abu Dhabi in 2022, establishing strong partnerships within the UAE's growing AI ecosystem. About MEVP MEVP is a Middle East-focused venture capital firm that invests in the early and growth stages of innovative technology companies run by talented entrepreneurs. With offices across Dubai, Riyadh, Beirut, Cairo, and Amman and more than $300 million in Assets Under Management, MEVP is one of the largest and most established VC firms in the region. About AppliedAI AppliedAI develops enterprise AI solutions that automate complex workflows in highly regulated industries, enabling digital transformation for organizations across financial services, healthcare, and government sectors.
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Fintech Leads MENA Startup Investment in Q1 2025
In Q1 2025, fintech startups dominated venture capital (VC) activity in the Middle East and North Africa (MENA), raising the three largest transactions of the quarter, according to new data released by Magnitt, a data and intelligence platform tracking venture capital (VC) and private equity across the Middle East. This trend underscores the sector's continued momentum and growing maturity, as high-growth fintechs broaden their offerings, expand into new markets, and position themselves for future public listings. Tabby: building a broad fintech ecosystem Tabby, a leading buy now, pay later (BNPL) platform and shopping app in the region, secured the largest deal of Q1 2025 with a US$160 million Series E financing round raised in February. The round gave Tabby a US$3.3 billion valuation, making it the most valuable tech startup in MENA. With the proceeds, Tabby will accelerate its transformation beyond BNPL into a comprehensive fintech ecosystem, focusing on digital spending accounts, payments, cards, and money management tools, in particular, the company said. This builds on key recent developments, including Tabby's acquisition of Tweeq, a Saudi Arabia-based digital wallet, as well as the rollout of Tabby Card for flexible payments, and Tabby Plus, a subscription program. The Series E round is also positioning Tabby strongly as it prepares for its initial public offering (IPO), which is anticipated to take place within the next 18 months. Saudi Arabia is being considered among potential listing venues, and the company has hired HSBC, JP Morgan, and Morgan Stanley, to work on the IPO, according to a source with knowledge of the matter. Founded in 2019 and based in Saudi Arabia, Tabby allows customers to purchase products online or in-store and split the payment over four monthly installments. The company, which currently operates in Saudi Arabia, the United Arab Emirates (UAE), and Kuwait, claims more than 15 million registered users, over 40,000 retail partners, and over US$10 billion in annualized sales volume. AppliedAI: expanding further into the EU and the US AppliedAI, an insurtech startup based in Abu Dhabi, secured the second largest transaction of Q1 2025, raising a US$55 million Series A in February. The company aims to position itself as a key artificial intelligence (AI) infrastructure provider for highly regulated industries, particularly healthcare and insurance. With a fresh funding, AppliedAI is focused on scaling its technology and workforce, and expand further into the US and European markets. Founded in London in 2021, AppliedAI leverages a combination of artificial intelligence (AI) and human review to process medical billing records and insurance claims faster and more accurately than traditional outsourcing firms. Among its notable clients are Abu Dhabi's M42 Healthcare Group, US law firm Morgan & Morgan, and UK-based drug safety firm Qinecsa. AppliedAI relocated to Abu Dhabi in 2022 to benefit from government grants. NymCard: an embedded finance leader in MENA NymCard, an embedded finance platform in MENA, secured the third biggest transaction of Q1 2025, raising in March a US$33 million Series B funding round. Headquartered in Abu Dhabi, NymCard provides a full-stack, application programming interface (API)-first payment infrastructure for banks, fintech companies, enterprises, and telecom providers to issue cards, process transactions, offer digital lending, and support real-time money movement. To date, the company has partnered with more than 50 leading firms to deliver personalized financial offerings across the region. NymCard's strategy is to cement its position as the leading embedded finance infrastructure provider in MENA by leveraging its proprietary processing platform and switching tech, as well as its deep regional integration. With the proceeds, the company said it will deepen its presence across the 10+ MENA markets it currently serves, and strengthen its payment infrastructure solutions. Funding rebounds in MENA Fintech funding in MENA is showing signs of recovery this year. In Q1 2025, startups in the sector raised a total of US$372 million across 42 deals in Q1 2025, more than 50% of 2024 capital, according to Magnitt. This signals a sharp rebound in investor confidence, and sets the stage of a strong year 2025. This rise in fintech funding reflects a broader resurgence in MENA's startup ecosystem. In Q1 2025, MENA's tech startups amassed a total of US$678 million across 133 transactions, its highest level since Q4 2023. Saudi Arabia and the UAE continued to dominate the region's VC landscape, together accounting for 88% of deal value and 76% of deal count in Q1 2025. Saudi Arabia topped the chart by total funding, securing US$750 million, while the UAE led in deal volume with 188 transactions.
Zawya
12-02-2025
- Business
- Zawya
Mubadala, Microsoft-backed G42 lead $55mln investment in AppliedAi
Microsoft and Mubadala-backed artificial intelligence firm G42 has led a $55 million investment for Abu Dhabi-based start-up AppliedAI. The Series A funding, one of the biggest for a start-up in the region, also drew support from Bassemer Venture Partners, Palantir, McKinsey and Accrete Capital. The new capital will support plans to hire additional staff and develop AI tools. AppliedAI develops software and helps organisations in healthcare, insurance, government and financial services automate processes like medical billing or healthcare claims. AppliedAI was founded in the UK in 2021, but the company later moved to Abu Dhabi. Last year, Microsoft announced a $1.5 billion investment in G42. The partnership seeks to bring the tech giant's AI technologies and skilling initiatives to the UAE and other countries. Part of the plan is to open two AI centres in Abu Dhabi. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
12-02-2025
- Business
- Zawya
Mubadala, Microsoft-backed G42 leads $55mln investment in AppliedAi
Microsoft and Mubadala-backed artificial intelligence firm G42 has led a $55 million investment for Abu Dhabi-based start-up AppliedAI. The Series A funding, one of the biggest for a start-up in the region, also drew support from Bassemer Venture Partners, Palantir, McKinsey and Accrete Capital. The new capital will support plans to hire additional staff and develop AI tools. AppliedAI develops software and helps organisations in healthcare, insurance, government and financial services automate processes like medical billing or healthcare claims. AppliedAI was founded in the UK in 2021, but the company later moved to Abu Dhabi. Last year, Microsoft announced a $1.5 billion investment in G42. The partnership seeks to bring the tech giant's AI technologies and skilling initiatives to the UAE and other countries. Part of the plan is to open two AI centres in Abu Dhabi. (Writing by Cleofe Maceda; editing by Seban Scaria)
