As of September of this year, Saudi Arabia's fintech startups have raised over $1.84 billion in venture capital investments since 2018, according to Monsha'a, the kingdom's General Authority for Small and Medium Enterprises. KPMG in September reported that in 2023 alone, Saudi fintechs attracted $791 million — a 231% leap from the previous year.
The number of active fintech startups in the country since the launch of its "Fintech Saudi" initiative in 2018 has reached 216 and they employ a more than 6,500 people, Monsha'a said. The Kingdom aims to establish 525 new companies in the fintech sector by 2030.