Fintech firms dominate Saudi startup scene, attracting venture capitalists
Published 10 Aug,2021 via Arab News - Economy RIYADH - Saudi start ups in the financial technology sector emerged as the most funded in the Kingdom, and more private investors and venture capitalists are rushing to invest in these firms at early stages of their business life-cycle. The number of deals closed recently hit a record with over $150 million in the first half of 2021.
This represents a 1,738 percent year-on-year growth, topping other industries including food and beverage, as well as e-commerce, which was a star sector during the pandemic.
According to a report from Magnitt, fintech startups closed 12 deals during the said period, accounting for 24 percent of the 54 deals across the startup ecosystem in the Kingdom.
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