Riyadh - Sharikat Mubasher: Fintech companies in Saudi Arabia secured more than SAR 86 million in funding rounds in March.

The Saudi fintech company Moyasar secured SAR 78 million in a seed round, on the sidelines of LEAP 2024, the world’s most-attended tech show.

This fund will boost the company’s strategy to provide brand-new solutions that cater to the needs of government entities and private companies and foster their digital financial transactions.

Meanwhile, Rakeez Capital raised a SAR 7.5 million seed round to develop and provide innovative financial solutions, leveraging advanced artificial intelligence (AI) technologies to reach more customers and explore potential opportunities in the market.

The fintech industry in Saudi Arabia is forecasted to witness a surge in acquisitions and exit activities within the upcoming period, backed by several factors notably the stable regulatory environment created by the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA). 

It is worth noting that Saudi Arabia aspires to increase the number of fintech companies to hit 525 by the end of 2030.