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The State of Fintech in the Middle East

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Pierrick Ribes is an accomplished professional adept in strategy formulation and consultancy. Fueled by an insatiable thirst for knowledge and a propensity for continual learning, he dedicates his free time to Lucidity Insights, enriching its content with insights drawn from his extensive professional expertise and refined research acumen.

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Erika Masako Welch

VC Insights on Middle East Fintech Growth & Innovation

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The Middle East&rsquo;s Fintech sector is on the rise. With over&nbsp;1,500 Fintech startups, a staggering US $4.2 billion in funding raised in 2023, and 7 IPOs and 30+ M&amp;A exits&nbsp;since 2022, the Middle East region is emerging as a growing region for Fintech innovation and investments. These achievements are no accident&mdash;they mark the culmination of a decade of strategic investments, bold entrepreneurial ventures, and supportive government policies.

<a href="https://lucidityinsights.com/reports/state-of-fintech-middle-east-menat" target="_blank">Lucidity Insights&#39;</a> latest special report in partnership with&nbsp;<a href="https://www.sap.com/mena/products/erp/grow/scaleups.html" target="_blank">SAP</a>, titled&nbsp;&quot;<a href="https://lucidityinsights.com/reports/state-of-fintech-middle-east-menat" target="_blank">The State of Fintech in the Middle East</a>,&quot; deep dives into this remarkable transformation. Discover the key players, emerging trends, and market forces shaping the future of finance in the MENAT (Middle East, North Africa, and Turkey).

<a href="https://lucidityinsights.com/reports/state-of-fintech-middle-east-menat"><img alt="Now Available: 2025 Special Report 'The State of Fintech in the Middle East'" src="https://cdn.lucidityinsights.com/uploads/fintech-sap-2025/banners/cover_cta banner.png" /></a>

<h2>A Decade of Fintech Growth and Momentum</h2>

Globally, Fintech has dominated venture capital flows, attracting over&nbsp;US $500 billion in funding since 2015. While&nbsp;global Fintech funding peaked in 2021 at&nbsp;US $137.7 billion, the Middle East&rsquo;s trajectory has been more consistent, culminating in a record&nbsp;US $4.2 billion in 2023, even amid global market cooling.

&nbsp;

<img alt="Global Fintech VC Funding 2015 - 2024 YTD" src="https://cdn.lucidityinsights.com/uploads/fintech-sap-2025/infobytes/SAP-01.jpg" />

This sustained growth has fueled the rise of standout startups such as&nbsp;<a href="https://lucidityinsights.com/startups/tabby-141">Tabby</a>, a UAE-born BNPL unicorn now valued at&nbsp;US $1.5 billion, and&nbsp;<a href="https://lucidityinsights.com/startups/tamara-52">Tamara</a> in Saudi Arabia. Other regional leaders, including&nbsp;<a href="https://lucidityinsights.com/startups/mnt-halan-672">MNT-Halan</a>, continue to attract significant investor interest, with funding trends pointing to a bright future for the ecosystem.

&nbsp;

<img alt="10 Years of Middle East Fintech Funding (USD Millions)" src="https://cdn.lucidityinsights.com/uploads/fintech-sap-2025/infobytes/SAP-02.jpg" />

<h2>Unicorns in the Making</h2>

While global Fintech giants like&nbsp;Stripe,&nbsp;Revolut, and&nbsp;Nubank dominate valuations, the Middle East is building its own unicorn pipeline. Startups like&nbsp;<a href="https://lucidityinsights.com/startups/geidea-1335">Geidea</a>,&nbsp;<a href="https://lucidityinsights.com/startups/midas-10927">Midas</a>,&nbsp;<a href="https://lucidityinsights.com/startups/paytabs-102">PayTabs</a>, and&nbsp;<a href="https://lucidityinsights.com/startups/sarwa-46">Sarwa</a> are on the brink of unicorn status, joining the ranks of&nbsp;Tabby and&nbsp;Tamara.

According to the&nbsp;<a href="https://lucidityinsights.com/reports/state-of-fintech-middle-east-menat" target="_blank">Lucidity Insights</a>&rsquo; report,&nbsp;26 MENA-based Fintechs have already raised over&nbsp;US $100 million, signaling a robust pipeline of future unicorns. Notably,&nbsp;<a href="https://lucidityinsights.com/investors/stv-6">STV</a>, a leading growth-stage Venture Capital fund based in Saudi Arabia, has invested&nbsp;US $924 million across 16 Fintechs since 2018, showcasing the region&rsquo;s growing investor confidence.

<img alt="MENA Startups Which Have Raised More than US $100 Million" src="https://cdn.lucidityinsights.com/uploads/fintech-sap-2025/infobytes/SAP-03.jpg" />

Even global players are taking notice:&nbsp;<a href="https://lucidityinsights.com/investors/y-combinator-189">Y-Combinator</a> has invested in&nbsp;30 Fintechs across the region, pouring in over&nbsp;US $250 million collectively in the last six years. This influx of capital underscores the region&rsquo;s rising prominence on the global Fintech stage.

<img alt="Top Fintech VC Investors (2018-Oct 2024 Overall)" src="https://cdn.lucidityinsights.com/uploads/fintech-sap-2025/infobytes/SAP-05.jpg" />

<h2>Key Investment Sectors</h2>

As in most parts of the world,&nbsp;paytech&mdash;startups specializing in payments and remittances&mdash;has and continues to lead the way, attracting over&nbsp;US $5.4 billion in funding over the past two decades. However, the region is now seeing rapid growth in other Fintech verticals, including:

<ul>
	<li>Lending: Companies like&nbsp;Tabby and&nbsp;Tamara are reshaping consumer finance through innovative credit models like Buy-Now-Pay-Later (BNPL) offerings.</li>
	<li>Superapps: Multifunctional platforms are gaining traction, combining payments, wealth management, and e-commerce.</li>
	<li>Crypto and WealthTech: Startups like&nbsp;Sarwa are catering to a younger, tech-savvy population, democratizing investment and crypto adoption.</li>
</ul>

This diversification reflects the ecosystem&rsquo;s maturity, with startups moving beyond payments to address more complex financial needs.

<img alt="Most Funded Fintech Sectors in MENAT (In USD Million) (Up to 28 October 2024)" src="https://cdn.lucidityinsights.com/uploads/fintech-sap-2025/infobytes/SAP-04.jpg" />

<h2>What Lies Ahead?</h2>

The Middle East&rsquo;s Fintech sector is entering a pivotal phase, with&nbsp;2025 set to be a defining year for the region. Key trends such as&nbsp;AI-driven financial solutions,&nbsp;open banking, and&nbsp;embedded finance are poised to reshape the financial landscape, unlocking new opportunities for both startups and investors.

AI will continue to drive hyper-personalized financial solutions, enabling Fintechs to anticipate customer needs, streamline compliance workflows, and deliver faster, smarter services. At the same time,&nbsp;open banking frameworks in Saudi Arabia and the UAE will foster greater financial interoperability, empowering startups to integrate seamlessly with traditional banks and innovate at scale.

Emerging verticals such as&nbsp;trade finance,&nbsp;wealthtech, and&nbsp;insurance are expected to become hotbeds of Fintech-driven innovation. These sectors, historically underserved in the region, now offer immense potential for startups to tackle inefficiencies, enhance accessibility, and drive economic growth.

As&nbsp;Said Murad, Senior Partner at <a href="https://lucidityinsights.com/investors/global-ventures-18">Global Ventures</a>, puts it, &quot;With a dynamic population and supportive regulatory environments, the Middle East promises to become a hub for Fintech innovation, mirroring successes in markets like China, India, and Brazil.&quot;

Additionally, the region&rsquo;s&nbsp;second-generation founders&mdash;entrepreneurs building companies based on pain points they experienced firsthand&mdash;are bringing deeper insights and global expertise to the table. Their ventures are positioning the Middle East not just as a participant in the global Fintech revolution but as an active shaper of its future.

As&nbsp;Rabih Khoury, Managing Partner at <a href="https://lucidityinsights.com/investors/middle-east-venture-partners-mevp-97">MEVP</a>, emphasizes, &quot;2025 will be the year of Fintech.&quot; The convergence of technological innovation, regulatory support, and entrepreneurial talent ensures that the Middle East is well-equipped to tackle its most pressing financial challenges while setting a benchmark for Fintech ecosystems worldwide.

&nbsp;

<h3>Explore the transformative trends shaping the Middle East&#39;s Fintech sector.&nbsp;Read or download your copy of &quot;<a href="https://lucidityinsights.com/reports/state-of-fintech-middle-east-menat/read" target="_blank">The State of Fintech in the Middle East</a>&quot; now at&nbsp;<a href="https://lucidityinsights.com" target="_blank">Lucidity Insights</a>.</h3>

&nbsp;

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