Funding of MENA fintech firms reaches USD186M in first half

(MENAFN) In the first half of 2024, fintech firms in the MENA region achieved a significant funding milestone, surpassing the total amount secured throughout 2020. According to data from MAGNiTT, a prominent venture capital data platform for emerging markets, fintech companies raised USD186 million through 50 deals by the end of June 2024. This represents a notable increase from the USD170 million raised across the region in 2020, highlighting the growing investment appeal of the sector.

The report, which precedes the 24 Fintech Summit 2024 in Riyadh, indicates that while the overall funding amount has risen, there has been a slight 3 percent decrease in non-mega funding and a 2 percent reduction in deal activity year-on-year. Despite these minor declines, fintech remains a powerful player in the MENA investment landscape, constituting 24 percent of all venture investments in the region during this period.

The data also underscores a dramatic surge in regional fintech funding, with an approximate 650 percent growth between 2020 and 2023. This significant increase reflects the sector's expanding influence and its ability to attract substantial investment, even as specific metrics show some variability.

Overall, the fintech sector's strong performance in the first half of 2024 and its considerable growth over the past few years demonstrate its pivotal role in the MENA region's venture investment environment. The forthcoming Fintech Summit in Riyadh is expected to further highlight and build upon these achievements.

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