UAE, Egypt, Saudi Arabia finance startups lead Forbes Middle East Fintech50
Some 119 fintech startups across the Middle East and North Africa raised $700 million in 2024, accounting for 30% of the total MENA startup funding for last year.
The Forbes Middle East Fintech 50 list highlights the region's fintech leaders and innovators and places the United Arab Emirates, Egypt and Saudi Arabia taking the top spots.
The Fintech 50, released Friday, recognizes the leading digital financial services firms in the Middle East and North Africa. Last year they collectively processed more than $240 billion in deals and secured over $3.8 billion in funding.
UAE companies topped the list with 13 firms from the Emirates, Egypt with 12 and Saudi Arabia with 10. After that, Bahrain, Iraq and Kuwait had three each, and Jordan had two. Morocco, Oman, Tunisia and Yemen have one company on the list each.
Some 119 fintech startups across the Middle East and North Africa region raised $700 million in 2024, according to a January Wamda report, accounting for 30% of the total MENA startup funding for last year. Fintech was the highest-grossing sector for startup funding. Between 2020 and 2023, MENA fintech funding ballooned by 650%, according to a MAGNiTT report published in September 2024.
