The 10 most funded fintech startups in Saudi, UAE

You may not notice, but you use financial technology (Fintech) every day without even realizing it, simply because you are used to it. Most of us have either transferred money, made payments, or even deposited a check through their smartphones. Financial technology is also included in a wide range of fields including blockchain and cryptocurrencies.

The financial technology sector is considered one of the most prominent emerging sectors that depend on financial services development through modern technological programs and applications.

In the Arab world, the UAE and Saudi Arabia are witnessing significant growth in the Fintech sector that provides financial services through information technology and internet solutions.

Saudi Arabia

In 2021, the number of financial technology companies in Saudi Arabia increased by 37%, while the volume of investments in the sector exceeded 1.3 billion riyals.

The Kingdom has been able to develop and expand the infrastructure in the financial sector and has achieved an advanced ranking in the world of fintech in a short period to reflect positively on individuals, institutions, and financial and non-financial companies.

UAE

As for the UAE, it is one of the leading countries in the fintech market in the MENA, where the value of the market is expected to reach a record $2.5 billion by 2022.

The number of companies specializing in fintech continues to increase steadily, and digital banking, wealth management, and digital remittances and payments constitute an important segment in this sector.

Fintech and startups

The Fintech sector dominates startups with 13 companies in the MENA, followed by the e-commerce sector with 11 companies. While food technology companies top the list, in terms of total funding value of $874.9 million.

Top 10 most funded fintech startups

Here are the top 10 most funded FinTech startups in Saudi Arabia and the UAE

1- Tabby

Founders: Hosam Arab, Daniil Barkalov

Total Funding: $130 million

Headquarters: UAE

Established in: 2019

tabby provides buy now, pay later solutions to over a million active shoppers across the UAE and Saudi Arabia, who use it to access over 3,000 brands.

2- Tamara

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain

Total funding: $116 million

Headquarters: Saudi Arabia

Established in: 2020

Tamara allows online and in-store shoppers in Saudi Arabia, the UAE and Kuwait to split their payments across three installments. It was the first to acquire a sandbox license from the Saudi Central Bank in its category in 2020.

3- Sary

Founders: Mohammed Aldossary, Khaled Alsiari

Total funding: $112 million

Headquarters: Saudi Arabia

Established in: 2018

Sary connects small business owners such as restaurants, cafes and hotels with a network of fast-moving consumer goods wholesalers via the application. The company has secured $112 million in financing, $105.5 million of which was secured in 2021, and it plans to use the new funding to expand across the GCC region

4- Postpay

Founders: Tariq Sheikh, Dani Molina Carmona

Total funding: $63.5 million

Headquarters: UAE

Established in: 2019

Postpay offers shoppers the option to split their payments across three monthly installments with no interest or fees. Postpay currently operates in the U.A.E. and Saudi Arabia, with plans to expand across the Middle East within the next 12 months.

5- BitOasis

Founders: Ola Doudin, Daniel Robenek

Total funding: $30 million

Headquarters: UAE

Established in: 2015

BitOasis allows users in the Middle East and North Africa to trade over 30 cryptocurrencies, such as Bitcoin, Ethereum, and XRP.

6- Telr

Founders: Khalil Alami

Total funding: $29 million

Headquarters: UAE

Established in: 2014

Telr enables merchants in the UAE and Saudi Arabia to accept payments online in over 120 currencies and 30 languages. It also provides other services, including social commerce, QR Codes, anti-fraud protection, buy-now-pay-later solutions, and a tool for creating an online store in minutes.

7- PayTabs

Founders: Abdulaziz Al Jouf

Funding: $25.3 million

Headquarters: Saudi Arabia

Established in: 2014

PayTabs offers B2B ecommerce solutions across 49 industries, with electronic invoicing services to businesses, including digital invoicing, pay by QR code or secure social media payment links.

8- Fortune-Sarwa

Founders: Mark Chahwan, Nadine Mezher, Jad Sayegh

Total funding: $25 million

Headquarters: UAE

Established in: 2017

A personal investment and finance platform, with more than 50,000 registered users. The fintech company provides access to on-demand investment experts and is backed by prominent investors such as Mubadala Investments and 500 Startups.

9- Tarabut Gateway

Founders: Abdulla Almoayed

Total funding: $25 million

Headquarters: UAE & Bahrain

Established in: 2018

Tarabut Gateway is a regulated open banking platform that connects a network of banks and Fintechs via an application programming interface.

10-Rasan

Founders: Moayad Alfallaj, Suliman Alfallaj, Thamer Alfallaj

Total funding: $24 million

Headquarters: Saudi Arabia

Established in: 2016

Rasan offers insurance and banking solutions through its affiliated platforms such as car insurance and medical insurance. It has attracted eight million users since its launch.