MENA Leading Industries by VC Investment, Q1 2024

Fintech Sector Leads VC Investments in Q1 2024

In Q1 2024, the Fintech sector led VC investments in MENA, amassing US $195 million, propelled by Moove’s US $100 million Series B megaround in March.

The Marketing sector followed closely, raising $149 million, primarily due to Mecca-based startup Salla’s US $130 million late-stage VC round.

Rounding out the top 3, the Transportation sector secured $116 million, also driven by Moove’s Series B funding round.

Note: There can be instances of double counting as some startups, like Moove, span multiple sectors such as Fintech and Transportation.

Related Report

The Future of Fintech in Africa

Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.

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