Saudi Arabia’s fintech assets under management (AUM) are projected to approach US$64 billion in 2024, indicating substantial growth, according to Jean Pesme, global director of finance at the World Bank.
This growth is being fueled by several factors, including Saudi Arabia’s strategic efforts to enhance its global fintech position by establishing a robust regulatory framework and implementing sandbox regimes to facilitate innovation, soaring investment volumes, and growing international collaboration.
Looking ahead, this growth trajectory is expected to continue. By 2029, Saudi Arabia’s fintech sector is forecast to expand US$87 billion, while the number of fintech companies is expected to surge from 89 in 2022 to 200 in 2023.
With the momentum of Saudi Arabia’s fintech sector set to continue into 2025, we look today at some of the most promising fintech startups from Saudi Arabia. These startups are poised to make an impact in 2025, building on the achievements and growth seen in 2024.
6 Saudi Fintech Startups to Watch in 2025
Lean Technologies
Founded in 2019 and headquartered in Riyadh, Lean Technologies is a fintech infrastructure provider. The company offers data and payment tools through its financial application programming interfaces (APIs), enabling businesses to access customer financial data, initiate payments, and verify account information. This allows them to build innovative financial products for their customers in Saudi Arabia and the United Arab Emirates (UAE).
At the heart of Lean Technologies’ value proposition are its two core services: “pay-by-bank” solutions and open banking APIs. These offerings enable businesses to facilitate direct account-to-account (A2A) payments, which are more cost-efficient than traditional card transactions, while also allowing them to access customer financial data securely and in compliance with regulatory standards. This dual capability reduces both the technical and regulatory barriers for companies aiming to innovate in financial services.
To date, Lean Technologies has processed over US$2 billion in payment volumes through its A2A payment solutions, serving major clients including insurance provider Tawuniya, financing company ALJUF, e-commerce platform Salla, and buy now, pay later (BNPL) services Tabby and Tamara.
In November 2024, the startup secured US$67.5 million in Series B funding led by General Catalyst, bringing its total funding to over US$100 million. It said it would use the proceeds to scale its pay-by-bank and open banking offerings, expand its product suite and strengthen partnerships across the region.
These achievements and continued momentum position Lean Technologies as a standout player in Saudi Arabia’s fintech landscape, making it one of the top startups to watch in 2025.
Malaa Technologies
Founded in 2021, Malaa Technologies is a wealth management startup. The company provides data-driven financial products and services that empower individuals and organizations for better financial decisions, whether it’s saving, loans or investing.
Since its establishment, Malaa Technologies has made significant strides in the fintech sector, securing in 2022 authorization from the Saudi Central Bank (SAMA) to engage in open banking activities and approval from the Financial Market Authority for robo-advisory and asset management services.
In September 2024, the startup successfully closed its Series A funding round, raising SAR 65 million (US$17.3 million). The round, led by SNB Capital, Saudi Arabia’s largest asset manager, will be used to launch a new range of investment and savings products, along with various features and services that meet the desires and aspirations of its customers, Malaa Technologies said.
These upcoming products promise to deliver enhanced features and benefits, further cementing Malaa Technologies’ reputation as an innovator in the wealth management space and positioning the company for significant innovation and growth in 2025.
EdfaPay
Founded in 2022 and based in Riyadh, EdfaPay is a leading fintech platform redefining digital payments for small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region. The company offers a comprehensive fintech portfolio with seamless, tailored solutions for startups and growing businesses, including softPOS technology, payment gateway, and automated e-invoicing tools – all managed within a unified, real-time dashboard.
The softPOS solution allows businesses to accept card payments on the go, while the payment gateway enables secure online transactions. Additionally, EdfaPay’s e-invoicing service streamlines the invoicing process, making it easier for businesses to manage their financial transactions.
EdfaPay secured in November 2024 a US$5 million pre-Series A funding round led by OmanTel Innovation Labs. The startup said it would use the proceeds to strengthen its foothold in the Saudi market and expand its reach across the MENA region and Pakistan.
The company is also making strategic inroads into Oman, where it plans to release a comprehensive payment infrastructure tailored to the needs of banks and local enterprises.
These recent strides position EdfaPay for remarkable growth in 2025, making it a fintech startup to follow this year.
Resal
Founded in 2016, Resal provides digital tools designed to facilitate the management and exchange of loyalty points, prepaid cards, and vouchers from various sources, including banks, telecom companies, and airlines to governmental and non-governmental organizations.
Through the Resal for Merchants platform, merchants and brand owners can easily design loyalty programs and digital cards, interact with customers, and increase sales by connecting with Resal’s solutions network for companies and individuals.
For companies, the Resal for Business platform provides a robust suite of tools to simplify operations such as distributing digital prepaid cards, managing loyalty points, and offering discounts and rewards for employees and customers.
Finally, on the consumer side, the Resal Wallet app helps accumulate and aggregate loyalty points from multiple sources, allowing consumers to convert these points into value that can be used for everyday purchases from Resal’s network of more than 1,000 brands.
Resal secured a notable US$9 million investment round in August 2024 to accelerate its business growth in Saudi Arabia. The funds will be used to expand Resal’s targeting of new sectors, launch various technological products for alternative payment solutions, loyalty programs, and rewards, as well as expand the company’s partner network and infrastructure across several different sectors. These developments position Resal for growth and innovation in 2025.
Jeel Pay
Founded in Riyadh in 2022, Jeel Pay is a tech startup that aims to revolutionize payment systems in the education sector. The company provides a “study now, pay later” platform that allows parents to pay school tuition fees in manageable monthly installments, while enabling schools to receive payments upfront. This platform streamlines the financial operations of educational institutions and reduces the burden on families, ensuring a win-win solution for both parties.
By partnering with Jeel Pay, school can achieve more efficient expense management for better financial balance and planning. For parents, Jeel Pay provides an easy payment method, increasing the school’s attractiveness in the education sector.
Jeel Pay secured SAR 25 million (US$6.7 million) in a pre-Series A funding round in January 2025. The startup plans to use the funding to develop its digital offerings and recruit specialized talent, supporting its goal of providing solutions that improve access to education and meet market requirements. These ambitious plans make Jeel Pay a company to watch in 2025.
Barq
Founded in 2023, Barq offers digital personal accounts accessible through an app. These accounts allow users to perform both local and international transactions and come with a range of financial products, including virtual and physical Visa cards.
The money transfer service allows users to send funds to more than 200 countries, and the platform includes a variety of features designed to make daily financial management easier and more rewarding. These features include subscription management, spending limits on physical and virtual cards, as well as perks such as access to 25 airport lounges worldwide, travel insurance, and discounts on hotels and resorts.
Additionally, the Barq app includes a marketplace and a game center, where users can earn cashback rewards.
By August 2024, Barq had served 1 million users from 85 nationalities and issued 600,000 cards. The company also said that it transferred over US$133 million (SAR 500 million) within just three weeks of its debut, underscoring the startup’s impressive growth and widespread adoption of its services.
In 2024, Barq achieved a number of milestones, positioning the company for growth this year. These include securing a license from SAMA, as well as forming strategic partnerships with Mastercard, Thunes, TerraPay, and Google Cloud Infrastructure to further enhance its product offerings and expand its reach.
Featured image credit: edited from freepik
