UAE Business: DIFC fintech firms secure $559m funding in 9 months – Gulf Digital News

UAE Business: DIFC fintech firms secure $559m funding in 9 months – Gulf Digital News

Dubai International Financial Centre (DIFC) has announced that fintech firms based in the DIFC secured more than AED2 billion ($559 million) of funding during the first nine months of 2022.

The number of fintech and innovation firms joining DIFC during the period exceeded the total that established operations during the whole of 2021, reported Emirates News Agency WAM, citing DIFC fintech Hive’s 2022 fintech Report.

Funding activity for fintech nearly doubled in 2021 and start-ups in Mena raised $998 million in 2021, a 78 percent increase from 2020.

Amongst that number are graduating start-ups from this year’s DIFC fintech Hive programme cohort. The first and largest fintech accelerator programme in the region has now attracted more than 3,000 applications from all over the world, which have been whittled down to 200 participants, based on their ideas and ability to generate revenue. The programme has delivered more than 100 proof of concepts with the support of over 65 partners.

DIFC is currently seeing elevated levels of interest from fintechs in Singapore, Southeast Asian and Asia-Pacific markets. As fintech and innovation firms mature in these locations, they are seeking new opportunities to scale beyond their regional borders and into new economies with demand for their products