24 FINTECH – SAUDI ARABIA’S BOLD LEAP INTO THE FUTURE OF FINTECH
A Glimpse into the “World’s Largest Debut Fintech Event”. The Kingdom’s Game-Changer?
What happens when Saudi Arabia blends innovation with ambition? You get 24 Fintech. The world’s largest debut fintech event, held in the heart of Riyadh. This event wasn’t just another tech gathering, it was a showcase of groundbreaking ideas, major investments, and strategic partnerships that will shape the future of finance, not only in the region but across the globe.
With over 37,000 attendees, 350 international speakers, and 550 investors, 24 Fintech signalled a new era for Saudi Arabia’s fintech landscape. Supported by Fintech Saudi, the Saudi Central Bank (SAMA), Capital Market Authority (CMA), Insurance Authority (IA), the Financial Sector Development Program (FSDP), and many more, the event was a major stepping stone for Saudi’s Vision 2030. In essence, 24 Fintech has truly driven economic diversification and placed the Kingdom on the global fintech map.
“In the case of Saudi Arabia, what we did is we have invested in the last decade in building a financial infrastructure that enables us to start to open up in terms of becoming more progressive and more proactive,”
-H.E. Yazeed Al-Nafjan, Deputy Governor for Financial Innovation at the Saudi Central Bank, also known as SAMA
Saudi Arabia’s Fintech Vision – From Startup Dreams to Unicorn Realities
Saudi Arabia is on a fintech mission, with the goal of establishing 500 fintech companies by the end of this decade. With 230 already on the scene, the Kingdom is well ahead of its targets. But the true test lies in sustaining this growth and nurturing unicorns—Saudi-born startups valued over a billion dollars.
The 24 Fintech event put the spotlight on several local players. Tamara, Tabby, and STCpay, now celebrated fintech unicorns, shared their journey from startups to market leaders, showing the potential for Saudi-born companies to thrive globally. The narrative is clear: Saudi Arabia isn’t just playing catch-up in the fintech world. It’s leading the charge.
Saudi’s fintech sector is projected to grow from $64 billion in 2024 to $87 billion by 2029. The event served as a launchpad for innovation, with discussions on the next wave of fintech unicorns already on the horizon.
Nezar Alhaidar, CEO of Fintech Saudi, added during his keynote on the state of the fintech industry in KSA:
“Saudi Arabia’s fintech sector has made substantial progress, positioning itself as a key player both regionally and globally. Our vision is to drive forward with innovation and inclusivity at the core.”
Game-Changing Moves & Collaborations
The success of 24 Fintech wasn’t just about attendance or speakers, it was about the monumental partnerships and acquisitions that were announced throughout the event. These developments signal how the Kingdom is transforming into a global fintech hub, attracting investors and innovators alike.
- Tabby’s acquisition of Tweeq: Moving beyond Buy-Now-Pay-Later (BNPL) services, Tabby’s bold move to acquire Tweeq, a digital wallet service, marked its ambitions to become a full-suite financial service provider. This acquisition positions Tabby to compete on a global scale, offering diverse financial products to consumers.
- Tarabut Gateway’s acquisition of UK-based Vyne: The largest open banking platform in MENA, Tarabut Gateway’s expansion into Europe demonstrates Saudi fintech’s global aspirations. Acquiring Vyne is a significant step in expanding its payment solutions internationally.
- Ziina’s $22M Series A funding: UAE’s rising star Ziina is shifting from payments to offering comprehensive financial services. This funding round, led by global investors, signals the growing confidence in MENA-based fintech startups to drive innovation on a broader scale.
These deals are just the tip of the iceberg. With SAMA releasing its second Open Banking framework and new licenses being granted to several fintech companies, Saudi Arabia is creating fertile ground for fintech to thrive.
Saudi Fintech’s $1 Billion Milestone & Investment Surge
The Saudi fintech sector continues to boom, with over $1 billion in revenues generated in 2024, according to H.E. Khaled Al-Dhaher, Vice Governor for Supervision and Technology at the Saudi Central Bank. The number of fintech companies in Saudi Arabia surged from 14 in 2019 to over 230 in 2024. Venture capital investment in Saudi fintech companies saw a sixfold increase in 2023, reaching $666 million across 10 funding rounds.
This growth is driven by new startups, increased investment, and innovative business models. The Regulatory Sandbox Initiative, launched by SAMA in 2018, has played a critical role in fostering fintech innovation and driving this expansion.
Fintech Forge Pitch Competition: Spotlight on Local Innovation
One of the event’s most exciting moments came during the Fintech Forge Pitch Competition, where top startups from across the MENA region battled it out for recognition and prize money. The competition awarded a total of $250,000 to the most promising fintech startups, highlighting innovation, social impact, and rapid growth potential.
Ejari, a Saudi startup, claimed the prestigious 24 Fintech Award and $100,000 for their innovative rent-now-pay-later solution. This idea not only addresses local housing challenges but also showcases how fintech can provide practical solutions to everyday problems.
Here’s a look at the other winners:
- Sprint Start Award: Axiology – Recognized for their rapid execution and early-stage success, Axiology has demonstrated significant market traction in a short time.
- Fintech for Good Award: Kestrl – Kestrl was awarded for its commitment to improving financial well-being through Sharia-compliant money management solutions that leverage AI to offer personalised insights.
- Innovation to Watch Award: Abwab.ai – Celebrated for their cutting-edge approach to digital transformation, Abwab.ai is on the frontier of AI-powered solutions, aiming to redefining Risk Modelling with AI.
These wins reflects Saudi Arabia’s potential to nurture homegrown talent and solutions, and the broader competition showcased the Kingdom’s ability to foster creativity and entrepreneurship at an early stage.
The Saudi Market: A Magnet for Fintech Giants
Saudi Arabia’s growing importance as a fintech hub was a key discussion point throughout 24 Fintech. The Kingdom boasts a young, tech-savvy population, with over 60% of its citizens under the age of 30. With high smartphone penetration and increasing demand for digital services, Saudi Arabia has become a prime target for both local and international fintech players.
Companies like Tabby and Tamara have already expanded into Saudi Arabia, while global players are setting their sights on the region. As Malaa Technologies secured $17.3 million in Series A funding, investors are flocking to tap into this fast-growing market. The message was clear: To win in MENA, you have to win in Saudi Arabia.
MFTA in Action
The MENA Fintech Association (MFTA) made a significant impact at 24 Fintech, with members actively participating in high-profile events and discussions.
- Ronit Ghose, Co-Chair of the Future Finance Working Group, not only participated as a panel guest but also hosted a signing session for his influential book, “Future Money,” sparking engaging conversations on the future of finance.
- Serena Sebastiani moderated multiple high-profile panels, guiding discussions on pressing topics in the fintech industry, showcasing her expertise in navigating complex financial landscapes.
Other key MFTA participants included:
- Gihan Hyde – Founder of Communique and Co-Chair of MFTA Sustainable Fintech Alliance
- Gaurav Dhar – CEO at Marshal Fintech Partners and MFTA Board member
- Gaurav Sachddeva – Founder of The Founders Majlis and Chair of MFTA Qatar
- Mo Ali Y. – CEO of Fuze and Co-Chair of MFTA Digital Assets
- Nihal Abughattas – GM MEA at Ozone API and Chair of MFTA Open Finance Working Group
MFTA’s active involvement in crucial conversations and thought leadership sessions underscored its role in shaping the future of fintech in the region.
The Path Forward – Saudi’s Fintech Goals
The momentum from 24 Fintech is set to continue as the Kingdom works towards its Vision 2030 goals. With the support of regulators like SAMA, which has licensed 19 fintechs through its regulatory sandbox, and the announcement of 1957 Ventures’ SAR 800M fund to launch new fintech companies, Saudi Arabia is building the infrastructure necessary for long-term success.
Saudi Arabia is also showing that fintech growth can go hand in hand with sustainability. Saudi Arabia’s fintech sector is making significant strides towards sustainability, with efforts focused on driving economic stability and environmental stewardship. The Kingdom’s Green Financing Framework, published by the Ministry of Finance, is a key initiative supporting this ambition. It aligns with Saudi Vision 2030’s goals to reach net-zero emissions through
the Circular Carbon Economy approach by 2060, including a pledge to reduce greenhouse gas emissions by 278 million tons per year by 2030. This framework encourages both public and private sector initiatives towards climate and environmental finance, demonstrating regional leadership in sustainable finance.
Furthermore, the inaugural 24 Fintech event highlighted Saudi Arabia’s potential to lead the region’s sustainable finance efforts, fostering dialogue around sustainable finance frameworks and the Kingdom’s drive to become a global investment powerhouse. The focus on sustainability is expected to unlock up to $2 trillion in economic growth and create over one million jobs in the GCC region by 2030, according to a PwC report.
The future in KSA is not just digital…It’s green.
Conclusion: A Historic Moment for Fintech
24 Fintech wasn’t just a success, it was a historic moment that will ripple through the global fintech community for years to come. The event signalled Saudi Arabia’s serious commitment to becoming a fintech powerhouse, not just in the MENA region but worldwide. The Kingdom has made it clear now: Saudi Arabia isn’t just participating in the fintech revolution… it’s setting the stage for what’s next.
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