The Fintech sector in Saudi Arabia has almost doubled, rivalling other markets in the MENA region like the UAE and Egypt, according to a report by the Fintech Saudi Initiative.

The kingdom saw a 79% YoY increase in fintech companies through August 2022, with 147 active firms in the sector compared to just 10 in 2018. The sector attracted SAR 1.5 billion ($402.2 million) in total investments between September 2021 and August 2022.

This Techloy chart shows the number of active fintech companies in Saudi Arabia between 2018 and 2022, based on data from Fintech Saudi.

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