In December 2023, several notable FinTech funding rounds were reported in the Middle East and North Africa (MENA) region. These funding rounds highlight the growing interest and investment in FinTech start-ups in the region. The key funding rounds include:
- Tamara raised $340 million in a Series C funding round, making it the first FinTech unicorn in Saudi Arabia.
- Spare closed a $3 million funding round for its open banking services.
- Lendo secured $28 million in Series B funding for its Shariah-compliant debt crowdfunding platform.
- Nearpay raised $14 million in a Series A funding round for its payment infrastructure as a service (PIaaS) platform.
- Hakbah raised $5.1 million in a Series A funding round for its savings platform.
These funding rounds reflect the increasing popularity of FinTech services in the MENA region, as well as the growing interest from investors. The funding will help these companies to expand their operations, develop new products, and drive innovation in the financial industry.
One notable funding round is Tamara’s Series C round, which raised $340 million and gave the company a valuation of $1 billion. This makes Tamara the first FinTech unicorn in Saudi Arabia and highlights the potential for growth in the country’s FinTech sector. Tamara offers buy now, pay later (BNPL) services, which are gaining popularity among consumers.
Spare’s $3 million funding round will support the company’s open banking services, allowing users to easily access and manage their financial accounts across multiple banks. This funding will help Spare to expand its reach and provide more innovative banking solutions to its customers.
Lendo’s $28 million Series B funding round will enable the company to continue its growth in the Shariah-compliant debt crowdfunding market. Shariah-compliant financing is gaining traction in the MENA region, and Lendo aims to capitalize on this market by providing a platform for individuals and businesses to raise funds in a compliant manner.
Nearpay’s $14 million Series A funding round will help the company to develop its payment infrastructure as a service (PIaaS) platform, which offers businesses an efficient and secure way to process payments. This funding will support Nearpay’s expansion and allow it to provide its services to a wider range of businesses in the region.
Hakbah’s $5.1 million Series A funding round will support the company’s savings platform, which aims to encourage individuals to save and invest for their future. The platform offers a range of savings and investment options, making it easier for individuals to manage their finances and work towards their financial goals.
Overall, these funding rounds demonstrate the growing interest in FinTech in the MENA region and highlight the potential for innovation and growth in the industry. With more investment being made in FinTech start-ups, the region is poised to become a major player in the global FinTech landscape.
