MEA to Drive Fintech Revolution
Published date : 09 July 2024

MEA to Drive Fintech Revolution

While the US and Europe remain hubs for fintech innovation, the last few years witnessed a considerable leap in fintech in developing economies, namely in Brazil, China and India.

For example, Brazil’s Nubank is the largest neobank in the world, reaching a total of 93.9 million customers globally by the end of 2023. It also reached a market cap of US $61 billion in July 2024 more than 2x the market caps of Brazil’s incumbent banks.

Fintech funding peaked in 2021 with US $8.12 billion invested in the sector and recording 120 exits with more than half in the US that same year.

Brazil, China and India, all three of these emerging fintech hubs share similar tailwinds: a dynamic population, latent demand for financial services and a supportive regulatory environment. Propelled by similar tailwinds, countries across the Middle East and Africa are poised for comparable growth in their respective fintech industries.

Related InfobytesSee All Infobytes