The Iran Fintech Landscape
Iran's fintech economy runs across twelve verticals, from super-app rails moving trillions of toman a year to a crowdfunding market of 12.8 trillion toman. Each shown on the measure that fits it, with the ownership lens that shows how a few groups reach across many of them. Built from the Tehran Index registry.
- Tehran Index tracks 178 fintech and crypto companies across twelve verticals, each shown on the measure that fits it: flow, stock, credit, premium or infrastructure, so nothing is falsely ranked against a different metric.
- Financial super-apps move the most, about 3,000 trillion toman of annual throughput, led by Ap; crypto exchange trading runs 2,000 to 2,500 trillion toman a year, led by Nobitex; wealth platforms hold about 618 trillion toman in assets, led by MofidApp.
- The ownership lens is the differentiator: a handful of groups sit behind names in several verticals at once. Fanap spans API aggregation, super-apps and crowdfunding; Asan Pardakht runs a super-app, an insurtech and a gold service; Karizma spans wealth, crowdfunding and insurance.
- Most of this scaled since 2019, and much of it is invisible in English until now, which is exactly the gap the registry closes.
- Figures are shown in toman as reported; toman is the reliable read of period scale.
Sector research, financial year 2024 to 2025. Built from the Tehran Index registry and primary sector data. This is the living version: where a static report freezes the market once, we track the companies, the money, and the ownership underneath them.
Iran’s fintech economy runs across twelve distinct verticals, from online-gold apps and instalment credit that millions of people touch weekly to a crowdfunding market that raised 12.8 trillion toman in 2024-25. Each vertical below is shown on the measure that actually fits it, so a super-app’s throughput and a wealth platform’s assets are never ranked against each other.
The twelve verticals
Metric type: Flow is annual transaction or trading volume, Credit is annual credit or capital extended, Stock is assets under management or deposits held, Premium is annual policy sales, Infra is open-banking rails. Player counts are ecosystem estimates from 2024-25 sector data; the tracked count is live from the Tehran Index registry. Leader lists are the top players by the vertical’s own metric, not an exhaustive ranking.
The ownership lens
This is the part a logo map misses. Iran’s fintech surface looks like dozens of independent apps. Underneath, a small number of financial and industrial groups sit behind names in several verticals at once. Following the control, not the branding, is what turns a directory into intelligence.
Why it matters
A directory tells you who exists. Intelligence tells you who controls what, on what scale, and how firmly the number is verified. Read alongside the digital-banking benchmark, this landscape is the base map for everything Tehran Index publishes on Iranian fintech.
Cite as: Tehran Index, “The Iran Fintech Landscape,” 2024-25, 23 July 2026. Compiled by Tehran Index from its registry and 2024-25 sector data; not reproduced from any third-party publication. Figures are in toman as reported.
Frequently asked
It runs across twelve verticals on different measures. The largest by flow is financial super-apps at about 3,000 trillion toman of annual throughput; crypto exchange trading is 2,000 to 2,500 trillion toman a year; wealth platforms hold about 618 trillion toman in assets. Tehran Index tracks 178 fintech and crypto companies.
Financial super-apps, crypto exchange, wealth and asset platforms, payment facilitators, betabanks and neobanks, buy-now-pay-later, online gold, lending, cross-border payments, online insurance, crowdfunding, and financial API aggregators.
A small number of groups reach across many verticals. Fanap (Bank Pasargad) spans API aggregation, super-apps and crowdfunding; Asan Pardakht runs a super-app, insurtech and gold service; Karizma Financial Group spans wealth, crowdfunding and insurance; Snapp owns a BNPL and an insurtech.
Ap in super-apps, Nobitex in crypto exchange, MofidApp in wealth, Milli in online gold, Azki in online insurance, Blu and Wepod in neobanks, SnappPay and Tara in BNPL, Manisa and DigiPay in lending, IraniCard in cross-border payments (Tehran Index, 2024-25).
This piece is built from the same registry the platform runs on: company records with sourced, period-stamped facts and a link on every claim. Access opens to a limited first cohort. Registering costs nothing, commits you to nothing, and gets a reply from the research desk within two business days.
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