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Saudi Arabia’s fintech sector rakes in $1.84 billion in VC funding since 2018
A report emphasizes the growth of fintech startups in Saudi, with the kingdom leading the way in the MENA region.
According to the latest official report from the General Authority for Small and Medium Enterprises (Monsha’at), Saudi Arabia’s financial technology startups have secured over $1.84 billion in venture capital investments since 2018. This significant achievement is largely attributed to the Fintech Saudi initiative, which has been a key driver of growth in the sector.
The sector has flourished, with investments spread across 216 Saudi-based fintech companies employing over 6,500 people. Saudi Arabia’s National Fintech Strategy, integral to Vision 2030’s Financial Sector Development Program, aims to establish 525 fintech companies, generate 18,000 jobs, and contribute $3.5 billion to the economy by 2030.
Globally, the fintech sector achieved $245 billion in revenue in 2023, driven by emerging technologies like mobile wallets, open banking, buy now pay later (BNPL) solutions, and advancements in artificial intelligence (AI) and machine learning.
Meanwhile, Monsha’at’s programs in upskilling, enablement, financing, business development, franchising, and expansion have supported over 20,000 SMEs in Q2 2024.
In H1 2024, Saudi-based startups led the MENA region in venture capital funding, securing 54% of the total VC financing in the region. This amounted to $412 million across 63 deals.
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