In the first half of 2024, Saudi Arabia saw an impressive 391% increase in fintech funding, propelled by significant deals involving Moyasar, Abyan Capital, and SiFi, which helped the country rise two positions in the MENA fintech rankings.

Fintech represented a substantial 24% of all venture investments in the MENA region during this period, underscoring its growing importance in the local economy.

Payment solutions led the fintech funding landscape in MENA, accounting for 44% of total funding, while financial research and consultancy gained traction, moving to third place due to notable investments.

Philip Bahoshy, CEO of MAGNiTT, highlighted that fintech continues to attract strong investor interest in the MENA region, even amid global investment slowdowns.

The fintech sector in MENA experienced a 31% year-on-year increase in unique investors and a remarkable 93% surge in international investors, with a significant portion coming from the US, Singapore, Hong Kong, and the UK.

In the first half of 2024, the MENA fintech industry raised $186 million across 50 deals, reflecting a slight 3% decrease in non-mega funding and a 2% decline in overall deal numbers compared to the previous year.

Despite a 36% decrease in funding levels, the United Arab Emirates secured 39% of the total fintech funding in the first half of 2024, up from 25% during the same period in 2023.

From 2020 to 2023, fintech funding in the MENA region surged by 650%, demonstrating resilience despite the global economic downturn caused by the coronavirus pandemic.

500 Global emerged as the most active investor by deal count in MENA fintech startups during the first half of 2024.