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An ultimate guide to fintech in the Kingdom of Saudi Arabia

Written by : Lucidity Insights Research Team• May 15, 2022

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A comprehensive overview of the Kingdom’s fintech journey to date & the current opportunities & challenges.

Videos

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Over 66% of the 463 million inhabitants in the Middle East and North Africa region live in the top 5 most populous countries
VideosOver 66% of the 463 million inhabitants in the Middle East and North Africa region live in the top 5 most populous countries
Why are Israel and the UAE leading MENA startup ecosystem Hubs?
VideosWhy are Israel and the UAE leading MENA startup ecosystem Hubs?
Digital Payments, as usual, has been the driving force in fintech fundraising in 2021
VideosDigital Payments, as usual, has been the driving force in fintech fundraising in 2021
Fintech funding increased sharply in 2021
VideosFintech funding increased sharply in 2021
2021 was a record-breaking year for the world of Fintech
Videos2021 was a record-breaking year for the world of Fintech
At the end of 2020, there were a total of 87 fintech unicorns globally
VideosAt the end of 2020, there were a total of 87 fintech unicorns globally
Emerging Markets have been dominating in terms of global fintech adoption, whereas only 3 developed markets are in the top 10
VideosEmerging Markets have been dominating in terms of global fintech adoption, whereas only 3 developed markets are in the top 10
Fintech adoption  around the world has been consistently doubling every two years since 2015
VideosFintech adoption  around the world has been consistently doubling every two years since 2015, with emerging markets leading the way
Digital Payments and Currency Exchanges fundraised the most in Saudi Arabia
VideosDigital Payments and Currency Exchanges fundraised the most in Saudi Arabia
The two largest fundraising segments in Saudi Arabia by funding stage was Sale/Exit
VideosThe two largest fundraising segments in Saudi Arabia by funding stage was Sale/Exit
The largest segment of fundraising deal sizes in Saudi's fintech market is $1 million to $10 million USD
VideosThe largest segment of fundraising deal sizes in Saudi's fintech market is $1 million to $10 million USD
The Top 10 Fintechs Operating in Saudi Arabia by Amount Fundraised
VideosThe Top 10 Fintechs Operating in Saudi Arabia by Amount Fundraised
Fintech adoption around the world has been consistently doubling every two years since 2015
VideosFintech adoption around the world has been consistently doubling every two years since 2015
MENA Countries' performance on the World Bank's Ease of Doing Business Index
VideosMENA Countries' performance on the World Bank's Ease of Doing Business Index
What are some of the biggest challenges facing Fintech Startups in Saudi Arabia?
VideosWhat are some of the biggest challenges facing Fintech Startups in Saudi Arabia?
The Saudi Fintech industry’s market size was valued at $20 billion USD in 2019
VideosThe Saudi Fintech industry’s market size was valued at $20 billion USD in 2019
The tech-savvy youthful population is driving e-commerce growth in the Kingdom
VideosThe tech-savvy youthful population is driving e-commerce growth in the Kingdom
The Kingdom aims to have 70% of all transactions conducted digitally by 2030
VideosThe Kingdom aims to have 70% of all transactions conducted digitally by 2030
Saudi Arabia mandated POS systems to be implemented across the Kingdom
VideosSaudi Arabia mandated POS systems to be implemented across the Kingdom
Saudi Arabia achieved its’ 2030 target of 30% Female Workforce Participation 10 years ahead of schedule
VideosSaudi Arabia achieved its’ 2030 target of 30% Female Workforce Participation 10 years ahead of schedule
Saudi Arabia’s Cashless Ambitions have been bearing fruit
VideosSaudi Arabia’s Cashless Ambitions have been bearing fruit
3 ways in which Fintechs can officially operate in Saudi Arabia
Videos3 ways in which Fintechs can officially operate in Saudi Arabia
The Fintech Universe has grown at a 102% CAGR from 2018 to 2021 H1
VideosThe Fintech Universe has grown at a 102% CAGR from 2018 to 2021 H1
Digital Payments and Exchanges is the largest segment of Fintechs operating in the Kingdom
VideosDigital Payments and Exchanges is the largest segment of Fintechs operating in the Kingdom
Saudi Arabia achieved 11.3% unemployment rate in Q2 2021
VideosSaudi Arabia achieved 11.3% unemployment rate in Q2 2021
Digital Payments and Exchanges is the largest segment of Fintechs operating in the Kingdom
VideosDigital Payments and Exchanges is the largest segment of Fintechs operating in the Kingdom
Fintechs Operating in Saudi Arabia have raised more than $1 Billion USD since 2009
VideosFintechs Operating in Saudi Arabia have raised more than $1 Billion USD since 2009
73% of startups that successfully fundraised in Saudi Arabia fully or partially disclosed their fundraising activity
Videos73% of startups that successfully fundraised in Saudi Arabia fully or partially disclosed their fundraising activity
72% of Saudis had bank accounts in 2017, while only 33% held credit cards in 2017.
Videos72% of Saudis had bank accounts in 2017
Saudi’s drive to increase internet penetration across the Kingdom
VideosSaudi’s drive to increase internet penetration across the Kingdom
The race to become the most digitally connected, internet enabled countries in the world
VideosThe race to become the most digitally connected, internet enabled countries in the world
Saudi's youthful population is a tech savvy one
VideosSaudi's youthful population is a tech savvy one
Saudi Arabia's young and tech-savvy population are some of the most active social media users in the world
VideosSaudi Arabia's young and tech-savvy population are some of the most active social media users in the world

Infobytes

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Apple pay enters the Saudi market in 2019
Saudi: Average daily usage per user
Rate of global consumer adoption of fintech
Top 10 countries in fintech adoption (2019)
Top 25 Wealthiest Economies in 2020: GDP PPP (USD ‘000s)
Economic Wealth (GDP PPP) and Size + Median Age of Population
Countries Populations Under 40 years old
Saudi Arabia’s Youth Bulge: 2009 vs 2020
Saudi arabia population 35 million
Internet Penetration Growth Benchmark (%, 2012-2019)
KSA Internet Penetration by Region (2018)
Top social network platformS in saudi arabia
Social media users
Bank Account Penetration Rate (2017)
Credit Card Penetration Rate (2017)
e-commerce Penetration
Total POS payments vs ATM cash withdrawals by volume %
Saudi Female Workforce Participation
Saudi Unemployment Rate (2014-2020)
POS Penetration Growth Forecast (2016-2023f)
Vision 2030’s Financial Sector Development Program Objectives & 2025 Targets
Moving Toward A Cashless Economy:
Ease of Doing Business Index 2020
Vision 2030 Overarching Strategic Objectives
What’s Driving Fintech in Saudi?
Compelling macroeconomics
e-commerce users by age
e-commerce revenue growth by sector ($m)

Spotlights

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Helping to Solve the Cash-on-Delivery Challenge for Saudi eCommerce Merchants
SpotlightsTamara is Helping to Solve the Cash-on-Delivery Challenge for Saudi eCommerce Merchants
Saudi’s first Unicorn
SpotlightsSTCpay | Saudi’s first Unicorn
A Saudi-born Fintech Player Blazing Trails
SpotlightsGEIDEA | A Saudi-born Fintech Player Blazing Trails

Articles

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Wa’ed Ventures Logo
ArticlesAramco Boosts Wa’ed Ventures to $500m, Partners with Zoom for Global Data Center
IMPACT46 Launches $133M Fund for Tech Startups in KSA and the MENA Region
ArticlesIMPACT46 Launches $133M Fund for Tech Startups in KSA and the MENA Region
HE Eng. Abdullah bin Amer Alswaha
ArticlesLEAP 2023 In Riyadh Sees US$9 Billion Worth Of Investments Made In Saudi Arabia's Tech Sector
The Market Challenges
ArticlesThe Market Challenges for Fintech in Saudi
fintech in Saudi Arabia
ArticlesFintech in Saudi Arabia Today
Fintech Supporting Infrastructure in KSA
ArticlesFintech Supporting Infrastructure in KSA
The Strategic Drivers for fintech in KSA
ArticlesThe Strategic Drivers for fintech in KSA
Compelling Data for fintech in saudi
ArticlesCompelling Data for Fintech in Saudi

Browse Other Reports

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Special Report: The Evolution of Saudi Arabia's Startup Ecosystem 2010-2022 | Presented by Wa'ed Ventures
Dubai’s Digital Economy and Its Expanding Startup Ecosystem
The Middle East & North Africa’s M&A Landscape 2017-2022
Sustainable Innovations and Startups in the MENA Region
Innovations In International Trade
Egypt Startup Special Report
The Electric Vehicle Revolution Has Arrived
Dubai’s roadmap to becoming the digital economy capital of the world
Shaping the future of fintech

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