Technological Growth: Fintech Leading MENA’s Financial Revolution
The MENA (Middle East and North Africa) region is undergoing a major transformation in its financial industry, driven by fintech. From payment solutions and lending platforms to cryptocurrency and neobanks, fintech is reshaping the way people manage and invest money. In 2024, fintech startups in MENA raised $700 million, making up 30% of the total startup funding in the region. This highlights the rapid growth and the confidence investors have in the fintech sector.
Payment Solutions and Buy Now, Pay Later (BNPL)
One major trend in fintech is the rise of Buy Now, Pay Later (BNPL) services. A leading BNPL company in Saudi Arabia, Tabby, raised $160 million in February 2025. This brings its total value to $3.3 billion, making it the most valuable fintech startup in the region. The growth of Tabby shows the increasing demand for flexible payment options. More consumers are turning to BNPL services for their shopping needs, as they prefer paying in installments.
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Lending Platforms
Lending platforms are another key area of fintech growth. Lendo, a peer-to-peer lending platform based in Saudi Arabia, secured $690 million from JP Morgan in February 2025. This funding will help Lendo assist small and medium-sized businesses (SMEs) in Saudi Arabia. Through fintech, these businesses can more easily access the capital they need to grow and succeed.
Cryptocurrency and Blockchain
Cryptocurrency is booming in MENA. Between July 2022 and June 2023, the region’s cryptocurrency transactions totaled $389.8 billion. This makes MENA the sixth-largest crypto economy in the world. Countries like the UAE, Saudi Arabia, and Bahrain are exploring Central Bank Digital Currencies (CBDCs). Private companies, like Zand Bank, are also creating new digital assets, such as stablecoins backed by the UAE dirham.
Neobanks
Neobanks, or digital-only banks, are also gaining traction in MENA. In May 2025, Singapore Gulf Bank, the region’s first fully licensed digital bank, appointed former U.S. Federal Reserve Vice Chair Randal Quarles to its advisory board. The bank is expanding internationally and targeting crypto clients, showing the growing importance of fintech in the region’s banking industry.
The Future of Fintech in MENA
The future of fintech in MENA looks bright. With the rise of artificial intelligence (AI), blockchain, and open banking, the region is set to become a global leader in financial technology. Governments and financial institutions are embracing digital innovation, which will bring better financial services to consumers and businesses alike. Fintech will continue to shape the future of finance in MENA, offering new and exciting opportunities for all.
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