KSA Fintech startups with notable fundraising in 2024

Last Updated on November 9, 2023 by Ameer Hamza

The Fintech sector in Saudi Arabia has seen a notable transformation in recent years. KSA fintech is rising despite the country’s political, economic, and pandemic-related problems. Young entrepreneurs and digital startups in Saudi Arabia, which compete in a market with huge financial institutions, are primarily responsible for driving the country’s fintech industry. Each year, the value of fintech transactions in the kingdom increases. Currently, the total transaction value of digital payments, the largest KSA fintech segment, is worth roughly $42 billion. The fintech industry, which is a big draw for investors in Saudi Arabia, is predicted to increase by 15% annually between 2021 and 2026.

KSA Fintech startups with notable fundraising in 2024

Qashio

To hasten its growth into Saudi Arabia, the UAE-based fintech firm Qashio secured $10 million in a seed fundraising round employing both stock and non-equity investors. The company, which was founded in 2021, uses its spend management platform to provide organizations with complete insight and control over their costs. Additionally, it claims to be the first fintech business to supply corporate employee cards in the UAE. The business already provides services to customers in the UAE and Saudi Arabia, but it will utilize the new capital to expand its customer base and market position in the Kingdom.

DataLexing

DataLexing, a data platform located in Saudi Arabia, raised $3 million in a seed investment round that is headed by Sadu Capital and includes investors Impact46 and others.

The business, which was established in 2018 by Rayan Al-Faheid and Abdulelah Al-Ganas, enables businesses and people to collect data without the assistance of technical staff by centralizing insights, applications, alerts, forms, and sheets.

The business intends to use its fundraising round to grow into Gulf Cooperation nations and further the development of its product.

Jeel

Jeel, a Saudi Arabian company that develops educational technologies, received $1.1 million in preliminary investment from EdVentures, a venture capital firm with offices in Egypt.

The firm, which was established in 2020 by Ahmed Sobaih, teaches preschoolers through its edutainment platform, which features educational materials created by psychologists and teachers.

EdVentures provides startup firms with incubation, acceleration, and financing programs to help the Middle East and North Africa’s over 1,500 ed tech enterprises grow.

Foodics

Foodics, a complete cloud-based POS and restaurant management system, was founded in 2014 and offers business owners a comprehensive perspective of their enterprise and operations.

By purchasing POSRocket, the second-largest restaurant cloud technology provider in MENA, in January 2022, Foodics launched its mergers and acquisitions (M&A) strategy. In April 2022, the company raised a US$170 million Series C funding round, which it stated it will use to expand regionally and internationally. The business also intends to introduce and expand fresh projects in the areas of supply chain management, microlending, and fintech.

With five offices in Saudi Arabia, the United Arab Emirates (UAE), and Egypt, Foodics has its main office in Riyadh and is presently accessible in 17 nations.

Conclusion

Over the past ten years, fintech investment has increased dramatically globally. As a result, fintech businesses are growing in Saudi Arabia and having a beneficial impact globally. KSA fintech technology continues to change every part of the conventional banking business, and Saudi Arabian investors are keen to invest there.