5 major FinTech funding rounds reported in MENA in December 2023

By Delisha Fernandes

The rise of new FinTech start-ups, new-to-bank population, have paved the way for an upsurge in FinTech evolution. The Middle East and North Africa (MENA) region provides huge opportunities for FinTechs due to the scale of the market and technological advancements

FinTechs are becoming mainstream with more investment made than ever before. Tracking investments provides a better perspective on the competitive and strategic trends in the industry.

Below listed are five notable FinTech funding rounds reported in MENA in December 2023:

• Tamara lands $340m Series C funding at $1bn valuation

Tamara, a Saudi Arabia-based FinTech platform offering buy now, pay later (BNPL) services, has raised $340 million in a Series C equity funding round, becoming the Kingdom’s first FinTech unicorn with a valuation of $1 billion.

• Spare closes a $3m funding round

Spare, an open banking services provider, has closed a $3 million funding round led by Vision Ventures with participation from Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors.

• Lendo secures $28m in Series B Funding

Lendo, a FinTech company specialising in Shariah-compliant debt crowdfunding,  has raised $28 million ( SAR 105 million ) in Series B funding led by Sanabil Investments. The round saw participation from Shorooq Partners, AB Ventures, and other investors.

• Nearpay secures $14m in Series A funding

Nearpay, a FinTech startup specialising in payment infrastructure as a service (PIaaS), has secured $14 million Series A funding round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (“PIF”).

• Hakbah raises $5.1m

Hakbah, a Saudi-based FinTech savings platform, has announced its successful $5.1 million Series A fundraise. The funding round was led by VentureSouq – the MENA-based venture capital firm with a global portfolio. New investors include M-Capital and Bunat Ventures; and existing investors Global Ventures and Aditum Investment Management Ltd

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