The Growing Number of Active Fintech Companies in Saudi Arabia

Fintech has experienced tremendous growth in 2022; the number of registered and licensed fintechs operating in the kingdom grew from 80 to 147 startups. These 147 fintechs that are licensed, only represent 30% of all fintech companies present in the kingdom. In August 2022. Tamara, a buy-now-pay-later platform that allows users to pay in installments, raised US$100 million in a Series B round - bringing the total funds raised to over US$215 million, is now the most funded fintech startup in the Kingdom, surpassing stc pay which raised US$ 200 million in November 2020.