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Saudi FinTech Firms Secure $23 Million Funding in March

It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
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Saudi FinTech Firms Secure $23 Million Funding in March

It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)

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.”

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.