Funding, payments and AI reshape Saudi fintech at Money20/20 Middle East

Saudi Arabia’s financial sector took center stage as Money20/20 Middle East returned to Riyadh for its second edition, with new funding rounds, fintech partnerships, and cross-border payment expansions announced on opening day. Held at the Riyadh Exhibition and Convention Center from 14 to 16 September, the three-day event brought together more than 38,000 attendees, 350 brands, 600 investors and 150 startups.

The event was inaugurated by H.E. Mohammed Al-Jadaan, Minister of Finance and chairman of the Financial Sector Development Program (FSDP), who toured the exhibition alongside senior Saudi officials. The opening remarks focused on the Kingdom’s progress across fintech, investment, digital infrastructure and financial innovation.

“Saudi Vision 2030 has helped expand financing and investment channels, and enabled a more flexible legislative environment for the fintech sector. As the Vision enters its third phase, the focus shifts to sustaining the impact of economic transformation and building on the gains of this new growth,” Al-Jadaan said.

“Our direction is clear: to build a deeper, more competitive financial sector that keeps pace with the evolution of the Saudi economy, empowers the private sector, attracts investment, and expands opportunities.” 

Hosted by FSDP, the Saudi Central Bank (SAMA), the Capital Market Authority (CMA) and the Insurance Authority, and co-organized by Fintech Saudi and Tahaluf, Money20/20 Middle East brought together banks, fintechs, investors, regulators and technology providers to discuss the evolution of payments, banking and financial infrastructure. The event saw a series of major announcements spanning fintech funding, SME financing, payments infrastructure and digital banking.

The event saw a series of major announcements spanning fintech funding, SME financing, payments infrastructure and digital banking. 

With a focus on regional payment integration, the Saudi Central Bank (SAMA) and Qatar Central Bank signed an agreement to enable cross-border use of their national payment schemes, mada and HIMYAN. The agreement allows cardholders to use their respective national cards in Saudi Arabia and Qatar, enabling cross-border transactions through the two countries’ payment infrastructures.

The agreement came as SAMA Governor Ayman Al Sayari outlined the growth of Saudi Arabia’s fintech sector. The Kingdom now has 371 fintech companies, while electronic payments account for more than 85% of retail transactions. More than 307 entities are operating under the open banking framework, with fintech investment exceeding SAR 30 billion in the first half of 2026.

Private-sector activity also reflected the sector’s expansion. Saudi digital payments company barq closed a $329.5 million Series A at a $1.85 billion valuation, while Network International launched merchant acquiring services in Saudi Arabia covering both point-of-sale and e-commerce payments.

The event also explored the role of AI in financial decision-making, with discussions emphasizing that while AI can automate processes and support decisions, human accountability remains important when allocating capital.

TABBY

Saudi-based fintech Tabby raised $233 million in a Series F equity round at a $6.5 billion valuation, up from the $4.5 billion valuation reached after its previous share sale in October 2025. The round was led by Hong Kong-based Blue Pool Capital, with participation from HSG, Wellington Management and Arbor Ventures.

The funding will support Tabby’s expansion beyond buy now, pay later into broader financial services across Saudi Arabia and the UAE. Over the past year, the company has secured consumer and SME finance licenses from the Saudi Central Bank, allowing it to offer larger, longer-term financing to consumers and working capital to businesses. It also acquired SAMA-licensed digital wallet Tweeq, extending its offering into accounts, cards and transfers.

The round also includes a liquidity option for employees. Tabby has run share tenders since 2023 and says it has facilitated more than $100 million in share sales for current and former employees, allowing them to realize part of the value of their holdings.

MASTERCARD

Mastercard also announced the next phase of its Built Small. Moving Strong. platform at Money20/20 Middle East, expanding its focus on partnerships, business insights, working capital and payment solutions for SMEs across the region.

The company launched its SME Growth Playbook, a framework designed to help financial institutions identify, acquire, engage, and support small businesses, alongside an SME Confidence Index that tracks the outlook and priorities of businesses in key markets.

In Saudi Arabia, the latest findings showed that 75% of small-business leaders were confident about the year ahead, while 67% reported revenue growth over the previous 12 months. The research also found that 77% of SMEs accept online payments.

“From bridging the digital divide to bringing essential financial services to underserved segments of society, fintech companies are harnessing the power of innovation to make the region’s payments landscape smarter, more resilient and more inclusive,” said Adam Jones, division president, West Arabia, Mastercard.

“At Mastercard, we serve as a trusted partner to key fintech players, such as HyperPay, tiqmo and Jeel, co-creating disruptive solutions, amplifying their positive impact and building confidence in the fintech ecosystem.” 

Alongside the corporate announcements, Money20/20’s startup program put early-stage fintech companies in the spotlight. The MoneySurge pitch competition selected 25 startups from more than 450 applicants to compete for a $400,000 prize pool, with investors and venture capital leaders serving as judges.

THUNES

Cross-border payments company Thunes announced that its Direct Global Network is expanding into Bahrain, Lebanon, Oman, South Yemen, Syria and the UAE.

The expansion enables members to send payouts to bank accounts, mobile wallets and cash pickup locations in local currencies across the six markets through a single API integration or existing SWIFT connectivity. It builds on Thunes’ expansion into real-time payments in Saudi Arabia last September.

The company cited the markets’ focus on digital payments and financial inclusion, as well as their importance as remittance corridors.

“Launching new payout capabilities across the Middle East unlocks significant value for our Members and their end-users,” said Chloé Mayenobe, deputy chief executive at Thunes. “These markets are deeply committed to digital innovation and financial inclusion.”

The network is supported by Thunes’ SmartX Treasury System for liquidity management and its Fortress Compliance Platform, which the company says is backed by more than 50 licenses worldwide.

VISION BANK

Saudi Islamic bank Vision Bank, which is regulated by SAMA and uses AI across its banking model, announced a strategic partnership with Publicis Sapient to accelerate product development and customer experience.

Publicis Sapient will work with the bank to develop and operationalize its Innovation Strategy and Innovation Hub, focusing on individual and SME customers. The partnership is part of Vision Bank’s broader effort to make innovation a core business capability and expand collaboration with fintechs and technology providers.

RISEUP PROGRAM

The event also marked the regional debut of Money20/20’s RiseUp program, which focuses on supporting senior women working in fintech and financial services. The inaugural Middle East cohort brought together 30 senior women from companies including Verto, Network Global, Visa, Sharaka Capital, Safqah, Samsung Electronics and TikTok.

Over two days, participants took part in sessions focused on leadership development, confidence-building, and navigating challenges within the financial sector, alongside broader discussions on AI, digital financial inclusion, and the future of payments.

ENZA x FRAUDIO

As payment networks expand, fraud prevention was another focus at the event. Payment technology provider enza announced a strategic partnership with AI-powered fraud detection company Fraudio to integrate fraud and financial-crime monitoring into its platform.

The partnership centers on enzaGuard, which uses Fraudio’s machine-learning technology to analyze transaction patterns, customer attributes, peer-group behavior and transaction sequences. The cloud-native system generates risk scores in milliseconds and can be integrated into existing authorization, 3DS and review workflows.

The integration is designed to give banks, payment companies, and financial institutions access to fraud detection without having to source and manage a separate system when launching new payment products.

HYPERPAY

Saudi payments company HyperPay also expanded beyond payment acceptance by launching HyperSpend, a corporate spend management platform.

The Saudi Central Bank-licensed platform gives companies access to corporate cards, pre-transaction spending controls and real-time analytics, targeting the gap between increasingly digital customer payments and more fragmented internal spending processes.

The launch comes as Saudi Arabia’s SME sector continues to expand. According to data cited by HyperPay, the Kingdom had 1.7 million active commercial registrations and more than 8.4 million people employed by SMEs by late 2025.

HyperPay said HyperSpend is designed to give finance teams greater visibility and control over corporate spending while reducing reliance on manual reimbursements and fragmented petty-cash processes.

SILQ’S FINA FUND

The event’s focus on expanding access to capital for SMEs continued with the launch of Fina Fund, a $133 million direct financing vehicle from SILQ’s B2B embedded finance business. Managed by Riyadh-based Joa Capital, the fund is licensed by the Saudi Capital Market Authority and will provide corporate financing across procurement, supplier payments, receivables and other B2B workflows.

The fund targets a significant financing gap in Saudi Arabia, where SME financing accounted for 11.3% of total bank lending in 2025, compared with the Kingdom’s 20% target for 2030. Fina has previously facilitated more than SAR 2 billion in trade liquidity within the Sary ecosystem, with the new fund extending those capabilities to a wider pool of businesses.

For Mohammed Aldossary, co-founder and CEO of SILQ Financial Services, the shift is about moving beyond digitizing financial services toward connecting them more closely to how businesses operate.

“The last decade was about digitization. I think the next decade will be about solving the fragmentation that digitization created.”

He said businesses increasingly rely on separate systems for commerce, payments, banking and operations, creating additional complexity for SMEs with limited resources.

Aldossary also pointed to the role of transaction data in improving access to financing. “A merchant may consistently pay suppliers early and demonstrate strong financial behavior, but much of that activity remains invisible to the broader financial ecosystem. They are not necessarily rewarded for being a good business.”

“Embedded finance can change that. For us at Fina, it is not only about increasing access to capital. It is about helping SMEs build their financial readiness and creditworthiness over time, so they can become more visible and ultimately access a broader range of financial products.”

Aldossary said the same shift is taking place in B2B payments, where the opportunity extends beyond simply moving money.

“The next generation will go beyond payment acceptance to automate the workflow around money, from invoicing and collections to reconciliation and close management.”

He added: “The opportunity is bigger than moving money. It is about using financial infrastructure to make SMEs stronger businesses.”