Investments in Saudi Arabia’s Fintech Sector Reached USD 157.2 Million in 2021

Saudi Arabia experienced a notable increase in venture capital investments for its financial technology (fintech) sector, with 16 signed deals amounting to USD 157.2 million in the first eight months of 2021.

Why it Matters?

The development of the fintech sector is in line with Saudi Vision 2030 and the Financial Sector Development Program launched in 2017, which were set to advance the digital economy and financial intermediaries as well as support growth in the private sector. According to the Fintech Saudi Annual Report 2021, only 7 venture capital deals worth USD 7.8 million were recorded in the sector in 2020 due to the pandemic. Saudi Arabia currently has 82 fintech companies representing a 37% growth from 2020.

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