The Middle East fintech market experience rapid growth with a total funding of approximately $2 billion, according to research by red_mad_robot
Dubai, UAE, 7th August 2023, ZEX PR WIRE, Recent fintech research conducted by red_mad_robot reveals that the Middle East fintech industry is experiencing significant growth and investment opportunities. Over the past two three years (2021-2023), Middle East fintech startups have received a total funding of approximately $2 billion through 140-160 deals, with a 40-43% of a total share in the UAE.
This substantial growth can be attributed to the increasing tech-savviness of consumers who actively utilize digital banking services and non-cash payment methods. Furthermore, government authorities in the Middle East, including central banks and regulators, are committed to developing the fintech sector by establishing necessary infrastructure such as accelerators, incubators, and fintech hubs.
The comprehensive report not only provides market analysis but also highlights key players in the fintech market and trends within the Middle East fintech environment.
With over 100 promising fintech startups in the region, the Middle East market is dominated by companies specializing in digital payments, instant cross-border payments, buy-now-pay-later (BNPL) services, and digital banking. These companies have later-stage deals and exits, demonstrating their innovative services and growing sustainable business models.
KSA and Egypt account for 46% of the fintech companies in the region, with nine projects in Egypt and six in KSA. Notably, top fintech companies have attracted investments into the region, improving the business environment and showcasing great potential for future growth. Successful startups are already operating in multiple markets and have plans for further geographical expansion. For instance, digital bank Yalla, founded in Egypt, currently has an office in the UAE and is set to expand to KSA and Kuwait.
Trends in the Middle East:
Digital payment solutions are growing rapidly.
The Middle East is in the stages of approving virtual assets, DeFi and CBDC.
Fintech startups see opportunities in cross-border payments and remittances space- to help cater to a large number of foreign workers.
SMEs and merchants are using digital platforms to improve business processes and get access to capital.
Rise of the tech ecosystem and superapps.
Neobanking is an advanced trend – the market has different ways of developing: digital-only offering from leading incumbents and independent firms.
BNPL services have potential of becoming more popular in this region.
The Middle East fintech industry is poised for continued growth and innovation, driven by consumer demand, government support, and the presence of promising startups. Investors and industry players are encouraged to explore the vast opportunities within this thriving market.
red_mad_robot is a digital partner for major businesses in the fields of fintech, telecom, retail, insurance, e-commerce, medicine, and industry. The expertise of red_mad_robotcovers the entire cycle of creating digital products: from conducting market research and consulting to direct development and launch on the market. The company creates marketplaces, ecosystems, mobile applications, and web portals for millions of people, as well as supports technological startups.
ZEX PR Wire offers massive Press Release, News, Authored Articles, Editorial services, geared at generating massive exposure for your unique project, business, or concept.
ZEX PR WIRE is a premium press release distribution provides end-to- end solutions to produce, optimize and target content and then distribute and measure results. Combining the world's largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, ZEX PR WIRE serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and Asia-Pacific regions.
Disclaimer: ZEXPRWIRE is a newswire distribution network. Articles and other content published by ZEXPRWIRE are the legal responsibility of the author and ZEXPRWIRE accepts no liability for the content of such material. ZEXPRWIRE publishes content for informational purposes and makes no representations regarding, recommendation or invitation to engage in, any form of financial or investment activity, and does not endorse the content of any material published.
ZEX PR WIRE allows users to submit their press releases through our online platform. Once submitted, our team reviews the content for quality and relevance. Upon approval, the press release is distributed to our extensive network, including major news outlets, industry-specific publications, and online platforms.
You can streamline the distribution process while still benefiting from human oversight. This ensures that your press releases meet quality standards, increasing the likelihood of media coverage and enhancing your brand's visibility.
ZEX PR WIRE accepts a wide range of press releases, including product launches, company announcements, event promotions, new partnerships, industry insights, and more. However, we do not accept press releases containing offensive or illegal content. For more information on this please visit https://zexprwire.com/editorial-guidelines/
Pricing for using ZEX PR WIRE varies depending on the distribution package you choose. We offer different plans to suit various needs and budgets. For detailed pricing information, please visit https://pr.zexprwire.com/pricing
You can view the total number of site submissions, status for each submission (live/pending), hyperlinks for each live PR, details pertaining to your package and number of press releases remaining, and view count for each live PR through third-party tracker integrations. (You may change the content according to what we provide in analytics).
ZEX PR Wire operates between 10AM to 7PM IST. During these hours, press releases may be distributed immediately after editorial approval of the press release. Otherwise, it will be published the next day. Additionally, several publications might require more than one day to be completed.
It generally takes 24- 72 hrs to publish the press release and generate the report
Yes, ZEX PR WIRE allows you to schedule the distribution of your press release for a specific date and time. This feature enables you to plan your PR campaigns strategically and ensure that your news reaches the right audience at the right time.
If you have any further questions or need assistance, you can reach out to our customer support team through direct Whatsapp ,chat on the web or can write to us at [email protected]. We are available to help you with any queries or concerns you may have.