A Growing Fintech Industry is Emerging in Saudi Arabia
Saudi Arabia's Fintech space is seeing constant growth due to the collective impact of various developments. The number of operating fintech startups has tripled in a year from 20 in 2019 to 60 this year, with over 100 fintech startups at the idea or pre-commercial stage. 12 funding rounds took place in Saudi-based Fintech startups 2020 YTD, with the total investment amount surpassing 2019 levels. According to Statista, the Saudi Fintech market is expected to reach transaction values of over USD 33 billion by 2023.
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In 2020 YTD, deal, and funding activity surpassed that of 2019 as a whole, with the majority of deal activity being Early Stage deals (84%), given that the Fintech space in Saudi Arabia's startup ecosystem is relatively nascent. Lean, a B2B platform that builds developer-friendly APIs to provide Fintechs with access to customer financial data and payment initiation capabilities, saw the highest funding amount of ($3.5M), (SAR 13.1M) in Saudi Arabia's Fintech space in 2020 YTD.