Saudi Arabia Fintech Funding Jumped 54% This Year

Saudi Arabia Fintech Funding Jumped 54% This Year

Despite a global startup funding pullback, Saudi Arabian fintech industry continued to grow and mature this year.

Companies in the sector have, so far, secured a total of US$367 million in financing this year as of September, a sum which, against all odds, represents a 54% increase from 2021’s US$238 million, a new research by Endeavor, a non-profit organization focused on fostering and supporting young entrepreneurs from around the world, found.

The Industry Map: Fintech Ecosystem in Saudi Arabia report, released in November 2022, shares findings of an entrepreneurial ecosystem analysis, provides a full mapping of the sector, and explores industry and investment trends.

According to the report, over US$1 billion have been raised by fintech companies in Saudi Arabia over the past five years. 2022 recorded the largest sum secured by the industry, with a reported US$367 million so far.

Total fintech funding in Saudi Arabia 2017-2022, Source: Industry Map: Fintech Ecosystem in Saudi Arabia, Endeavor, Nov 2022

Soaring fintech funding in Saudi Arabia comes in spite of a global fintech investment contraction. According to CB Insights’ State of Fintech Q3 2022 report, fintech companies worldwide raised a total of US$63.5 billion in Q1-Q3 2022, an amount that represents a 38% decline compared with