The problem
A Kuwaiti boutique or an Egyptian training centre that wants to sell online hits the same wall: banks take weeks to approve card acceptance, each country’s shoppers expect their own local payment method, and stitching invoices, gateways, and delivery together means three vendors and three reconciliations.
How it works
MyFatoorah, founded in Kuwait in 2016 by former EY analyst Abdullah Aldabbous, offers merchants electronic invoices, an online payment gateway, shipping integrations, and POS terminals from one platform. In November 2024 it layered Mastercard Gateway underneath — advanced processing plus fraud prevention — for its 75,000+ merchants across the GCC, Jordan, and Egypt, spanning government, education, marketplaces, retail, and insurance.
Pain points
Slow bank onboarding, checkout abandonment when local methods are missing, and finance teams reconciling invoices against courier cash and terminal slips.
Business model
A take on every transaction processed through its rails, extended by paid invoicing, shipping, and terminal services.
Challenges
Regional PSPs and global giants contest every merchant segment; fraud and chargebacks grow with volume; and holding licences in every GCC state means continuous compliance work with each regulator and acquiring bank.
Funding
- Raised: undisclosed.
- Valuation: MISSING.
Latest — November 2024
On 29 November 2024 MyFatoorah announced a strategic collaboration with Mastercard to deploy a new digital payment gateway platform powered by Mastercard Gateway, bringing upgraded processing and fraud prevention to its 75,000+ regional merchants.