Saudi Arabia
Saudi’s Mobile Point of Sale Startup NearPay Raises US$3.6M Pre-Series A
Saudi-based point of sale startup NearPay has closed a US$3.6 million pre-series A funding round led by Vision Ventures, with participation from Hala Ventures, Arzan VC, Palm Ventures, and angel investors. Founded in 2020, NearPay provides a solution that allows merchants
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Here Are the Top 5 Fintech Startups in the Middle East on LinkedIn in 2022
Five fintech companies made LinkedIn’s second annual top startups list featuring 10 companies in the UAE that it says is gaining attention. The ranking was produced using LinkedIn data in four areas: employee growth, jobseeker interest, employee engagement, and their
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Saudi Central Bank Grants Payment Licenses to Arab Sea Financial Company and Fatoraah
The Saudi Central Bank (SAMA) has granted e-commerce payment licenses to Arab Sea Financial Company and Fatoraah, bringing the total number of payment companies licensed by the central bank to 21 companies. This comes in addition to five payment companies
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Saudi Central Bank Updates Its Regulatory Sandbox Framework to Drive Innovation
The Saudi Central Bank (SAMA) announced that it has updated its Regulatory Sandbox framework as part of its efforts to achieve national strategic goals in the Financial Sector Development Programme (FSDP), a key objective of the Saudi Vision 2030. The
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Saudi Central Bank Permits 2 New Fintech Startups to Operate Under Its Regulatory Sandbox
The Saudi Central Bank (SAMA) announced granting permit to a new batch of companies; “Lean Technologies” and “Mod5r” to provide Open Banking Solutions; bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38. This step
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Saudi Fintech Tamara Secures Record $100M Series B Round
Saudi fintech startup Tamara, a leading payments startup focused on driving financial inclusion across the Middle East, has raised a $100m Series B equity round led by Sanabil Investments, with participation from Coatue, Shorooq Partners, Endeavor Catalyst and a follow-on
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Thunes Enters Saudi Arabia and Appoints Country Head
Thunes, a global cross-border payments company, today announced that it is accelerating the expansion of its services in the Middle East and North Africa (MENA) region, setting up an office in the Kingdom of Saudi Arabia, and appointing a new
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Abu Dhabi Proptech Startup SmartCrowd Secures Saudi Fintech Licence
SmartCrowd Holdings, a regional pioneer in fractional real estate investments, has been granted a FinTech experimental license by the Saudi Capital Markets Authority (CMA). SmartCrowd is currently working on completing business requirements for the upcoming launch of its Real Estate
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Robo Advisers Are on the Rise in the MENA Region
Wealth managers in the MENA region are expecting strong growth in the number of robo advisers and digital only wealth managers, new research for behavioural finance experts Oxford Risk shows. Its study with independent financial advisers and wealth managers in
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Hyperpay Raises $36.7 Million Led by Mastercard
KSA-based and MENA servicing payments services provider HyperPay has successfully raised $36.7 million (SAR 138 million) in a funding round led by Mastercard with investments from Amwal Capital Partners and AB Ventures. Founded by Muhannad Ebwini, HyperPay offers merchants a
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