The $3.3bn venture financing fuelling growth of DIFC FinTech firms – The National

The $3.3bn venture financing fuelling growth of DIFC FinTech firms – The National

Financial technology companies in the Dubai International Financial Centre have raised a combined $3.3 billion in venture funding, with growth in line with the onshore financial hub’s goal of doubling its contribution to the emirate’s economy, the DIFC governor has said.FinTech was the fastest-growing sector for the DIFC last year, with Dubai's location allowing FinTech companies an “unparalleled access” to a market of more than three billion people with an aggregate GDP exceeding $12 trillion, Essa Kazim said on Monday at the Dubai FinTech Summit.“We saw unprecedented growth in 2023 with FinTech and innovation as the fastest growing sector with 902 registered companies, a 31 per cent increase from the previous year,” Mr Kazim said.The total number has since grown to more than 1,000 companies in the DIFC, one of the top financial centres in the Middle East, Africa and South Asia region.“This accelerated growth trajectory is perfectly aligned with the goals of the Dubai Economic Agenda D33,” he said.Launched in January, D33 aims to double the size of Dubai’s economy, with a target of reaching Dh32 trillion by 2033.Sheikh Maktoum bin Mohammed, Deputy Prime Minister for Finance and Economic Affairs, and First Deputy Ruler of Dubai, at the Dubai