The fintech sector remained a cornerstone of the MENA startup ecosystem in 2024, accounting for 30% of total investments and extending a trend that began in 2022. Despite a broader slowdown that saw overall startup funding in the region fall 42% year on year, MENA demonstrated resilience, attracting $2.3 billion in total funding during the year, according to industry data.
The U.A.E. led the region with $1.1 billion raised across 207 startups, followed by Saudi Arabia with $700 million, Egypt with $334 million, and Oman with $41.5 million.
Fintech also ranked first by deal count, raising $700 million across 119 startups. The sector led total funding in both Egypt and the U.A.E., while in Saudi Arabia, software-as-a-service (SaaS) companies attracted the largest share of investment, reflecting the kingdom’s rapidly expanding technology ecosystem.
Investment patterns varied across markets. In the U.A.E., fintech led with $265 million across 47 deals, followed closely by Web 3.0 startups, which raised $255 million through 19 deals, and proptech companies, which secured $197 million across 13 deals. In Saudi Arabia, SaaS startups raised $177 million across 27 deals, narrowly ahead of fintech, which attracted $171 million across 24 companies. Egypt’s fintech sector raised $237 million across 17 deals, supported by the country’s large, underserved population of 112 million people. The late-2024 rollout of Apple Pay and Google Pay further accelerated the adoption of digital payments in the market.
Regulatory support continued to play a critical role in fintech growth. According to a Visa report, 71% of fintech firms in the GCC and Levant cited government initiatives as a key driver, with authorities supporting the sector through regulatory sandboxes, financial inclusion programs, and investments in digital infrastructure.
Artificial intelligence is also becoming increasingly central to fintech strategies, with 73% of companies identifying it as essential to future development. Payments remain the most promising segment, highlighted by 58% of fintech firms, while traditional banks continue to deepen partnerships with startups to deliver more tailored and innovative financial services.
Looking ahead, fintech funding and investment across the MENA region are projected to reach $2.4 billion by 2029, with the U.A.E., Saudi Arabia, Bahrain, and Egypt expected to lead growth, according to industry forecasts. The fastest-growing segments include payments, buy now, pay later and installment services, artificial intelligence, Web3, stablecoins and central bank digital currencies, crypto, and open banking, as highlighted in a recent Visa report.
Several standout funding rounds shaped the fintech landscape in 2024. Egypt-based MNT-Halan raised $157.5 million, bringing its total funding to $550 million. Saudi Arabia’s Lean Technologies secured $67.5 million in a Series B round, while the U.A.E.’s CredibleX raised $55 million in seed funding. FlapKap closed a $34 million pre-Series A round, U.A.E.-based Yuze raised $30 million, and Egypt’s Paymob secured $22 million in a Series B extension, taking its total Series B funding to $72 million. In Saudi Arabia, Abyan Capital closed an $18 million Series A round.
Momentum continued into 2025. In February, Tabby raised $160 million in a Series E round at a valuation of $3.3 billion, while U.A.E.-based MANSA secured $10 million in its first funding round.
Regional expansion remains a top priority for fintech companies in MENA, with 90% targeting the U.A.E. and Saudi Arabia, attracted by their large markets, supportive regulation, tax incentives, and access to capital. Supported by regulatory reform, strong investment flows, and cross-border ambitions, the region’s fintech sector is on track to emerge as a global leader, reshaping the future of financial services.
