Saudi Arabia’s financial tech sector has scored over $23 million in funding since March, marking a surge from last year’s 51% share.
The sector saw investments topping $704 million in 2023, with the number of companies ballooning from 10 to around 207. Saudi Arabia aims to push this to 525 by the decade’s end.
A report issued by the Islamic Corporation for the Development of the Private Sector revealed that, driven by a youthful population of over 35 million, with 65% under 35, Saudi Arabia boasts a GDP per capita exceeding $23,000 and a 93% internet penetration rate.
This fertile ground has propelled the financial tech sector to prominence, contributing 51% of the Kingdom’s total bold investments in 2023.
In 2024, “Moyasar” financial company led its first investment round with $21 million, while “Rakeez Financial” secured $2 million.
Globally, the fintech industry is booming, with digital banking users projected to hit 2.5 billion by 2024, up from 1.9 billion in 2020, according to a report by Juniper, a technology research firm.
This shift is fueled by the rise of mobile phones, banking apps, and digital payment methods like “Apple Pay” and “PayPal.”
