Which are the fastest-growing technology companies headquartered in the Middle East or Cyprus? Deloitte investigated this question for the third year in a row and recognized Capital.com as the clear winner.
Cyprus-based financial investment platform Capital.com achieved the top spot in the Technology Fast 50 for the third consecutive year with an impressive growth of 4,411%.
Founded in Cyprus in 2016 and operating around the world, Capital.com is a platform that allows people to invest in financial markets and cryptocurrencies through an online trading platform. Our intuitive, award-winning platform and app allows investors to trade thousands of world-renowned markets.
Salla, a Saudi-based e-commerce enablement platform for sellers of all sizes (from small to medium-sized businesses to enterprise-level sellers), has earned second place in Deloitte's ranking. Salla offers comprehensive omnichannel solutions, seamlessly connecting merchants to every critical touchpoint in their value chain, ensuring end-to-end business operations.
Third on the list is Rihal, an Omani company that provides digital transformation services. After building a strong foundation in data management, Rihal recently expanded its services into areas such as artificial intelligence, machine learning, open raw code, and robotic process automation.
Rounding out the top five are GreenWise Energy, a Lebanese technology company specializing in sustainable energy solutions, and Arib, a Saudi fintech startup that provides data aggregation services to financial institutions.
Other companies in the top 20 are:
6) Quiqup (Logistics service for e-commerce field)
7) Bosta (Logistics and software solutions for e-commerce merchants)
8) Municorn (software products for small businesses, entrepreneurs, and individuals)
9) Almentor (software solution for B2C and B2B markets)
10) AlgoDriven (helps car dealers evaluate, appraise, and inspect used cars)
11) Trukker (provider of digital freight matching services for intermodal transportation)
12) Logistaas (cloud-based ERP for logistics companies)
13) Justlife (home service marketplace)
14) Futad (a platform that matches clients and marketing professionals)
15) Dinarak (Mobile payment service provider licensed in Jordan)
16) Beyond Cyber (cyber security solutions for businesses across the region)
17) Fleetserve (AI platform that supports oil distribution optimization)
18) Ziwo (a solution that allows businesses to talk to their customers with crystal clear audio)
19) Intergo Telecom (a telecommunications company specializing in software and SaaS solutions)
20) Mintroute DMCC (Platform for aggregation, issuance, processing and distribution of regional electronic coupons)
Deloitte's Technology Fast 50 program recognizes technology companies based on revenue growth over the past four years. Nearly 200 companies applied to the program, and the average growth rate for the top 20 companies was over 2,000%.
“It is inspiring to see the impressive achievements of this year’s applicants and top performers and is a true testament to a bright future full of growth. We support and are a part of an innovative ecosystem. We are proud of this and look forward to the breakthroughs these startups will achieve in the future,” said Scott Whelan, leader at Deloitte.
rising stars
As part of the Technology Fast 50 program, Deloitte also offers the Rising Star honor, which is dedicated to companies that have shown significant potential but have been trading for less than three years and have not yet met the ranking criteria.
The top Rising Star ranking went to Saudi Arabia-based e-commerce company Lawazem, with Circlys and Flexxpay coming in second and third. Both are fintech companies.
