FinTech and Software Dominate MENAPT as Deals Shrink in March 2025

MENAPT deal value has snapped back even as activity thins. After a strong Q1 2023 (US$2.91B YTD by Mar 31) and a 36% pullback in Q1 2024 (US$1.86B), funding rebounded to US$2.62B in Q1 2025 (~+41% YoY). Deal count moved the other way—498 → 415 → 208—pushing capital into fewer, larger cheques. On simple averages, ticket size rose from ~US$4.5M (2024) to ~US$12.6M (2025).

By value, Saudi Arabia led with ~39% of Q1 2025 funding (just over US$1.0B), while the UAE attracted ~US$324M. The YTD leaderboard underscores that concentration: Lendo (US$690M, KSA), Quantum Machines (US$170M, Israel), Tabby (US$160M, KSA), Dream Security (US$100M, Israel), and Flow48 (US$69M, UAE). Notably, March 2025 recorded no US$100M+ mega-rounds, unlike March 2023 and March 2024—months that featured outsized raises from names such as Telegram, eToro, Tamara, and Salla.

Three dynamics define the quarter:

1. Barbell market structure. Late-stage and structured financings lifted totals while early-stage volumes stayed muted, compressing round counts but inflating averages.
2. Geographic concentration. KSA and UAE anchored value, supported by deeper domestic capital pools and active regional investors.
3. Sector mix. FinTech and software continued to dominate the largest tickets (e.g., Lendo, Tabby, Dream Security), with selective momentum in AI-enabled infrastructure and B2B enablement.

What to watch into Q2? If the pipeline remains skewed to mid-/late-stage, the “higher-value, lower-volume” mix persists; if seed and Series A re-open, deal count should normalize and average cheques cool from Q1’s elevated baseline.

Key snapshots (as of Mar 31, 2025)

1. Total value: US$2.62B (vs. US$1.86B in Q1 2024; ~+41% YoY)
2. Deal count: 208 (vs. 415 in Q1 2024; ~−50% YoY)
3. Avg. deal size: ~US$12.6M (US$2.62B/208)

Country highlights: KSA ~39% of value (~US$1.0B+); UAE ~US$324M

Let’s take a look at the top 5 funding rounds of March 2025 in MENAPT.

#1 - Kela Technologies (Israel) | Software | US $39 Million Series A, Seed Round

Founded in July 2024 by Alon Dror, Kela Technologies provides a secure, open platform designed to integrate commercial and military systems for Western defense. The platform leverages advanced AI models, sensors, and edge devices to enhance operational capabilities and address modern warfare challenges.

In March 2025, Kela Technologies secured US $28 million in a Series A round led by Lux Capital and US $11 million in a Seed round led by Sequoia Capital. The funds will be used to accelerate the development and deployment of Kela's platform, expand its workforce, and enhance its AI-driven command systems.

#2 - OSN+ (UAE) | Media and Entertainment | US $57 Million Corporate Round

OSN+ is the subscription video-on-demand streaming service rebranded by Orbit Showtime Network in 2022 and led by Lebanese CEO Joe Kawkabani. Available across MENA, OSN+ saw a 40% year-on-year increase in engagement in 2022, merged with music provider Anghami in 2024, and is currently one of the top three paid streaming apps in Egypt, Saudi Arabia, and the UAE.

In March 2025, OSN+ secured US $57 million in a corporate round led by Warner Bros Discovery for a 30% stake. The deal comes as WBD has said it has a “clear path” to reach 150 million global subscribers by the end of 2026 and that it anticipates the streaming segment will deliver a profit of approximately US $1.3 billion in 2025.

#3 - Grain (Israel) | FinTech | US $33 Million Series A

Founded in 2022 by Dor Golan, Aharon Navon, Michal Beinisch, and Nir Galon, Grain specializes in foreign exchange (FX) optimization, providing automated solutions to manage and hedge currency risks for businesses. Grain’s technology integrates seamlessly into B2B software platforms, online marketplaces, and payment providers, leveraging AI-driven automation to dynamically adjust currency pricing based on real-time market conditions and the end user’s profile, enabling businesses to minimize FX-related revenue losses.

In March 2025, Grain secured a US $33 million Series A funding round led by Bain Capital Ventures, bringing its total funding to US $51 million. The investment, which follows an $18 million Seed round raised in 2022 but only now disclosed, underscores the growing demand for automated FX risk management solutions as global commerce faces increasing volatility.

#4 - NymCard (UAE) | FinTech | US $33 Million Series B

Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard runs the only issuer processor in MENA that fully owns its processing and switching technology, rather than licensing from third parties. Its localized, full-stack infrastructure, nCore, gives clients a competitive edge, enabling them to design, launch, and scale payment programs with unmatched flexibility. Built on modular APIs, nCore allows businesses to seamlessly manage card issuance, transaction processing, lending infrastructure, and real-time payments—all within a fully integrated financial stack that ensures speed, control, and efficiency.

In March 2025, NymCard secured US $33 million in its latest Series B funding round led by QED Investors, bringing its total amount raised to US $69.1 million. This marks QED Investors’ most significant investment in the region and the first one in the Gulf, underscoring the growing global confidence in MENA’s expanding fintech ecosystem. With this investment, NymCard is deepening its presence across 10+ markets in MENA, strengthening its payment infrastructure solutions to better serve banks, enterprises, fintechs, telecom providers, and more across its three core verticals: Card Issuing Processing, Embedded Lending, and Money movement.

#5 - Nurami Medical (Israel) | HealthTech | US $30 Million Unknown Series Round

Founded in 2014 by Nora Nseir and Dr. Amir Bahar, Nurami Medical develops products for neurological surgeries, specifically addressing cerebrospinal fluid leakage. Nurami recently received regulatory approval for a nanofiber-based surgical patch designed to support post-surgical recovery by naturally degrading and integrating into the body.

In March 2025, Nurami raised US $30 million in its latest funding round led by Ribbit Capital, bringing its total funds to US $39.4 million. The funds will help expand its workforce and scale operations, including the construction of a commercial manufacturing facility, research and development lab, and clean rooms for producing its first FDA-approved product.