Saudi Arabia’s FinTech Boom: 147 Active Startups & Massive Growth in 2022

Saudi Arabia’s FinTech sector is experiencing rapid expansion, with the number of registered and licensed startups surging from 10 in 2018 to 147 in 2022—a 14.7x growth in just four years.

But what’s driving this explosion in Saudi’s FinTech industry?

Saudi Arabia’s FinTech Growth in Numbers

147 active FinTech startups in 2022 (vs. 82 in 2021)
30% of all FinTechs in the Kingdom are officially licensed
Payments & Currency Exchange (34%) dominate the market
600% growth in Infrastructure-focused FinTechs

Top Funded Saudi FinTech Startups in 2022

Tamara (BNPL) – $215.6M total funding
STC Pay (Digital Wallet) – $200M raised
HyperPay (Payment Gateway) – $50.5M raised

Which FinTech Categories Are Growing the Fastest?

Annual Growth by Category in 2022:

Infrastructure +600%
Personal Finance & Treasury Management +175%
Capital Market +129%
Private Fundraising +125%

Why Saudi’s FinTech Market Is Booming

Regulatory support & Vision 2030 initiatives
High demand for digital banking & BNPL solutions
Surging investment in B2B & SME finance solutions

Want to stay updated on Saudi’s FinTech trends?—book a free demo now!

Related links: 10 Most Funded MENA Startups

Author

Lucidity Insights Research Team

We are a team of passionate Researchers, Data Junkies, and Story-Tellers that believe there is not enough quality business insights and compelling data analysis available in the marketplace, told in the formats users want. We want to give an insider's look into the industries, businesses and economies that are changing the world today, so our users can become inspired, empowered and equipped to run their businesses as best they can.

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The Growing Number of Active Fintech Companies in Saudi Arabia