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Top 7 Fintech Startups Revolutionizing Saudi Arabia’s Financial Landscape

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Top 6 Fintech Startups Revolutionizing Saudi Arabia's Financial Landscape

The Kingdom of Saudi Arabia has rapidly emerged as a hub for fintech innovation in recent years, fueled by the country’s ambitious Vision 2030 plan and a supportive regulatory environment. As a result, numerous startups have burst onto the scene, leveraging cutting-edge technology to disrupt the financial services sector. In this article, we explore the top 7 fintech startups in Saudi Arabia that are reshaping the industry.

Note: The order in which the fintech startups were listed doesn’t necessarily indicate a ranking from best to worst. Rather, the list aims to provide an overview of some of the most innovative and impactful fintech startups operating in Saudi Arabia, covering a diverse range of financial services and technologies. Each startup has its own unique strengths and focuses, catering to different segments of the market and offering various solutions. The order should be seen as a way to organize and present the information rather than a definitive ranking.

1. Tamara

Pioneering the buy now, pay later (BNPL) model in the Kingdom, Tamara enables customers to spread their purchases over interest-free installments. This innovative payment solution is helping to boost e-commerce and improve affordability for consumers.

2. Geidea

A leading payment technology provider, Geidea offers point-of-sale (POS) solutions, mobile payments, and e-commerce gateways. Their advanced infrastructure is accelerating the adoption of cashless payments throughout the country.

3. Lendo

Lendo is an innovative platform that connects borrowers with lenders, offering a digital alternative to traditional bank loans. By leveraging advanced algorithms and data-driven decision-making, Lendo is able to assess creditworthiness quickly and accurately, allowing users to access loans with competitive interest rates. The platform is also committed to promoting financial literacy, enabling borrowers to make informed decisions about their financial future.

4. PayTabs

PayTabs enables businesses to accept online payments through a suite of payment processing solutions. Their focus on security and fraud prevention has made them a trusted partner for merchants in the Kingdom.

5. OneCard

OneCard offers a unified digital card for various payment methods, including credit, debit, and prepaid cards. Their platform simplifies online transactions and allows users to manage their finances with ease.

6. Raqamyah

As one of the first peer-to-peer (P2P) lending platforms in the Kingdom, Raqamyah connects investors with small and medium-sized enterprises (SMEs) seeking financing. Their digital lending marketplace is fostering economic growth and empowering entrepreneurs.

7. Manafa Capital

MANAFA is an investment marketplace for businesses regulated by the Saudi Capital Market Authority.

Startups

Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women

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Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women

Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.

Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.

The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.

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GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028

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GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028

Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.

Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.

In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.

The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.

Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.

As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.

The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.

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Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding

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Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.

Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.

“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.

Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape

Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”

“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.

Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).

Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.

The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.

The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.

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