Fintech Galaxy buys Egypt’s open banking platform Underlie

Fintech Galaxy, a UAE-based open finance platform, has expanded in Egypt by acquiring Underlie for an undisclosed sum. 

Underlie is an open banking platform, which offers application programming interfaces (APIs) to banks and businesses. 

Through the deal, Fintech Galaxy hopes to further its open banking and open finance ambitions in the region, develop and launch new digital solutions and promote financial inclusion. 

According to Fintech Galaxy, Egypt presents a chance for accelerating the implementation of open finance due to its 100 million population, significant financial sector presence, and open finance market, which is anticipated to grow by 25% annually over the next five years.

The local open banking API developing experience of Underlie will aid Fintech Galaxy in hastening market penetration in Egypt, it added.