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Saudi’s Tamara Is Now a Fintech Unicorn
Tamara, a leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by securing $340 million in a Series C equity
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Saudi’s Debt Crowdfunding Marketplace Lendo Closes $28M Series B Funding
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund PIF. The round saw participation from Shorooq Partners, AB
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MENA’s Banking Sector Driven by AI and Digital Transformation
The banking sector in the Middle East and North Africa (MENA) is anticipated to experience significant growth, a development which will be driven by rising demand for banking services, ongoing progress of digital transformation, and the expansion of digital banking,
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Arab Monetary Fund Report: The Arab Open Banking Market Growth
The Open Banking market across Arab Countries to grow by 25% annually over the next five years, The Arab Monetary Fund (AMF) said in a report issued this week, presenting guidelines for an “Effective Open Banking/ Finance Adoption”. The report
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Salt Edge Partners with SeaPay to Offer Open Banking Solutions in Saudi Arabia
In a significant move towards advancing digital technology and open banking in the Kingdom of Saudi Arabia, SeaPay, a leading Omni-Channel Payment Solutions provider, has announced a strategic partnership with Salt Edge, a renowned financial technology company. This collaboration aims
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Digital Banking Grows 52% in the Middle East
In the Middle East, traditional lenders and fintech startups are racing to launch digital banking offerings, viewing the market’s rapid adoption of mobile technology, economic growth and relatively low adoption of neobanking as a massive opportunity up for grab. About
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Saudi Venture Capital Invests $5 Million into Venturesouq Early Stage Fintech Fund
Saudi Venture Capital (SVC) has made a $5 million investment in a fintech fund managed by VentureSouq (VSQ), primarily targeting early-stage fintech startups. This investment initiative was reported by SVC. According to the press release, the subscription agreement was signed
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Saudi Fintech Sector Doubles in Size
Saudi Arabia’s fintech sector is growing at a fast pace, doubling in size in the span of just a couple of months. As of the end of 2022, the country was home to 89 fintech companies, a number that soared
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Saudi Arabia Licenses Debt-Based Crowdfunding Startup Themar
The Saudi Central Bank (SAMA) licensed “Themar” to provide crowdfunding solutions. With Themar, there are now seven authorized companies offering debt-based crowdfunding solutions in Saudi Arabia. This decision reflects SAMA’s endeavor to support the finance sector, increase efficiency of financial
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Saudi Arabia Permits 3 New Fintech Companies to Operate Under Its Regulatory Sandbox
The Saudi Central Bank (SAMA) announces granting permits to three innovators to test their Open Banking solutions in the Regulatory Sandbox. These companies are: Tarabut Gateway Company for Information Technology, Umg Alholol Trading Co (known as Single View), and Drahim
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