10 Years of Middle East Fintech Funding (USD Millions)

Fintech funding peaked in the Middle East in 2023 at US $4.2 billion, before various factors influenced a downturn in 2024 including a global VC Winter which started to take hold in 2023 and continued its icy grip on fundraising purse-strings across the world into 2024. Israel’s War on Gaza has also affected a previously strong tech sector in Israel - which has slowed considerably since the bloodshed began on October 7, 2023. Israel currently faces an uncertain political and economic future. Though large cybersecurity firms and established incumbents are still attracting US $100 million plus mega-rounds, much of the seed capital has dried up for newer startups trying to establish themselves. Despite the headwinds facing Israel though, in 2024, 7 out of 26 of the Fintechs that raised a US $100 million+ megaround in the MENAPT region were based out of Tel Aviv, which accounts for 27%.