Payments & Fintech · PFT Musrefy Award 2026
Fintech Startups Award
Honours promising startups with innovative financial solutions and models.
How this award is scored
- Evaluation
- 90% automatic · 10% by the award committee
- Minimum score to win
- 65 / 100
- Measurement period
- The last full financial year before nominations open (2025), compared with 2024 for growth measures
Who can apply
- Company incorporated on or after 1 January 2021
- Not majority-owned by a bank or large financial group, and annual revenue not above USD 10 million
- A product commercially live with paying customers for at least 12 months before the end of the period, so growth and retention can be calculated
- Headquarters or real commercial activity in an Arab country
- No final material regulatory or judicial sanction against the nominee during the measurement period
Indicators and weights
-
20%
Revenue growth
Percentage change in revenue between 2024 and 2025; a company that started earning during 2024 annualises its 2024 revenue by dividing it by the months of revenue and multiplying by 12
Points
- ≥ 100 % 100
- 50 – < 100 % 70
- 0 – < 50 % 40
- -100 – < 0 % 10
Evidence
Audited or chartered-accountant-reviewed statements for both years
-
15%
Active customer growth
Percentage change in active paying customers between end-2024 and end-2025
Points
- ≥ 100 % 100
- 50 – < 100 % 70
- 0 – < 50 % 40
- -100 – < 0 % 10
Evidence
Product database or billing system report
-
15%
Twelve-month customer retention
Share of customers who joined twelve or more months earlier and were still active at end-2025
Points
- 80 – < 100 % 100
- 60 – < 80 % 80
- 40 – < 60 % 50
- 0 – < 40 % 20
Evidence
Cohort analysis from the product system
-
10%
Gross margin
Revenue minus cost of service, divided by revenue, for 2025
Points
- 60 – < 100 % 100
- 40 – < 60 % 80
- 20 – < 40 % 50
- -100 – < 20 % 20
Evidence
2025 financial statements
-
10%
Cash runway
Cash at end-2025 divided by the average monthly net burn in its last quarter; a profitable company records 36 months
Points
- 18 – < 36 months 100
- 12 – < 18 months 80
- 6 – < 12 months 50
- 0 – < 6 months 20
Evidence
Year-end bank statement and the last-quarter cash flow statement
-
10%
Operating cost coverage
Revenue for 2025 divided by total operating expenses for the same year; it measures how close the company is to sustainability without rewarding the amount of funding raised, so markets with large venture capital pools are not favoured
Points
- ≥ 90 % 100
- 50 – < 90 % 80
- 25 – < 50 % 50
- 0 – < 25 % 20
Evidence
Audited or chartered-accountant-reviewed 2025 financial statements
-
10%
Regulatory status
The company's highest regulatory status in its main market at the end of the period
Points
- Full licence or final regulatory approval100
- Admitted to or graduated from a regulatory sandbox75
- Operating through a licensed partner50
- Activity not requiring a licence, per a documented legal opinion50
Evidence
Licence, admission letter, partnership contract or legal opinion
Scored by the award committee
-
Distinctiveness and scalability of the model
10%- A model addressing a documented gap in the Arab market in a new way, with expansion to a second market already under way (licence application or signed contracts)100
- A model clearly distinct from local competitors, with an expansion plan backed by letters of intent70
- A known model applied locally with limited differentiation and an expansion plan without commitments40
- No clear differentiation and no expansion plan10
Each indicator gives 0 to 100 points; its share of the total is its weight. Ties are decided by the indicators listed first in the scorecard; payment or package never affects the score.
Cycle timeline
-
Done
Nominations open
-
Upcoming
Nominations close
-
Upcoming
Judging starts
-
Upcoming
Judging ends
-
Upcoming
Results announced
Times are in Asia/Riyadh (UTC+03:00).
Results
Results are announced only after final approval.
