From retail investing to peer-to-peer payments to challenger banks, these startups are digitizing every aspect of the region's financial services.
The Middle East’s fintech sector has seen significant growth in the last few years, driven by favorable government regulations and state-backed incubators.
Nearly half of the population is under the age of 25, providing fintech startups with a large market of tech-savvy customers for decades to come. Further, the region’s fintechs have an opportunity to improve financial inclusion for the estimated 70% of adults who lack access to a bank account.
The region set new funding records last year, with $2.1B going to the fintech space over 175 deals. So far in 2022, fintechs in the Middle East have secured 41 deals totaling $503M. The largest rounds this year have gone to Israel-based Personetics, a customer engagement platform for banks, and Dubai-based BNPL provider Tabby — highlighting the variety of fintech categories gaining traction in the Middle East.
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However, the region’s fintech ecosystem still faces obstacles. For instance, its countries have a patchwork of financial and consumer protection regulations, some of which are still in development. This could spell uncertainty for startups looking to grow around the region.
Using CB Insights data, we identified 130+ startups using technology to offer financial products and services to individuals and businesses operating in the Middle East.
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