Report: Payments Dominates Saudi Fintech Map 2021

Report: Payments Dominates Saudi Fintech Map 2021

Payments emerged as the most popular area for investment in Saudi fintech companies, according to a new report by Fintech Saudi.

The Fintech Saudi Annual Report 2020/21 noted that clinching 93% of venture capital investments in 2021 so far. Further, payments and currency exchange companies comprised 32% of fintech companies in Saudi Arabia, followed by lending and finance (19%).

Top deals in the payments space included investments in mobile payments platform Hala (US$6.5 million Series A), BNPL startup Tamara (US$110 million Series A) and restaurant POS provider Foodics (US$20 million Series B).

Source: Fintech Saudi Annual Report 2020/21

Fintech companies focused on lending also saw investor dollars flow in, such as Series As in debt marketplace Forus Capital (undisclosed), invoice financing startup Lendo (US$7.2 million) and crowd-lending platform Raqamyah (US$2.3 million).

Overall, Saudi Arabia saw operating fintech companies grow 37% in number, with record venture capital investments of SAR 1.3 billion (US$347 million), Nejoud Al Mulaik, Director of Fintech Saudi, said. Currently, there are 82 active fintechs in the country according to the report, compared to 60 last year.

Nejoud Almulaik

“There has also been a number of regulatory and infrastructure developments including the release of new fintech activity regulations, the launch of SARIE, the Instant Payment