DUBAI, UAE—The fintech industry in the Middle East is growing rapidly and could triple by 2025, a new report suggests.
“The Middle East and North Africa (MENA) region has been enjoying a fintech explosion in recent years. The region’s optimistic macroeconomic prospects and the consistently strong performance of its financial services sector all but ensure the continued expansion of the fintech industry,” Consultancy-me/com reported.
What was a $1.5 billion industry in 2022 could grow to be worth between $3.5 billion and $4.5 billion by just 2025, according to a report McKinsey & Co. That would boost fintech’s share in the overall financial services industry from only 1% of revenue to around 2.5%, Consultancy-me/com said.
Investor funding for fintech startups more than quadrupled from around $200 million in 2020, reaching a $885 million in 2022.
“This huge increase in investments has mostly been destined for companies in Saudi Arabia, Egypt, the UAE, and Bahrain. Overall, investments have increase by around 36% annually from 2017 to 2022,” Consultancy-me/com said.
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