Two startups are bringing Syria its first superapps as the country’s digital payment infrastructure remains underdeveloped.
Labby, founded in 2024 by Mohammad Fawaz, secured $10M in seed funding from undisclosed Saudi and UAE investors in late July. The platform combines ride-hailing, food delivery, e-commerce, digital payments and other on-demand services.
My Syria, launched by UAE-based 121 Living, is backed by private investment from its four co-founders: Rami Kaiem, Feras Kaiem, Waseem Qudmani and Kinan Madi. The platform currently focuses on tourism in Damascus, offering hotel, airport taxi, car rental and restaurant bookings.
According to the company, My Syria has been downloaded 15,000 times since its July 29 launch. It lists around 45 restaurants, 20 hotels, two holiday-home buildings and three car rental companies, with plans to expand beyond Damascus.
Both startups are entering a market where most residents still cannot obtain Visa or Mastercard cards. Payment terminals are largely limited to select hotels and venues serving visitors, while local startups attempt to bridge gaps left by traditional banks.
The Central Bank of Syria recently established a licensing framework for payment service providers and introduced a regulatory sandbox. The move is intended to support testing of financial products and future connections to regional and international payment systems.
Investors remain cautious. Syria recorded fewer than 10 funding deals in 2026, while institutional venture capital may still be one to two years away, according to comments cited in the announcement.
Source: EnterpriseAM
