Abdulrahman (AIT) Tarabzouni

🌟 Is Saudi Arabia the Next Global Fintech Hub? 🚀💸 With the fintech industry in Saudi Arabia expected to grow to $87 billion by 2029, the Kingdom is making bold strides to position itself as a global leader in financial technology. Here’s a closer look at the investments, startups, and initiatives driving this transformation: 📊✨ 💼 Major Players and Investments • SVC (Saudi Venture Capital): 💰 Manages $2.3 billion across 43 funds, supporting over 700 startups. 🌟 Invested $5 million in the VentureSouq Fintech Fund to back early-stage fintech startups across MENA. • Vision Ventures’ Saqr Fund II: 🪙 SVC committed $15 million to the fund, which targets a total size of $90 million to fuel early-stage startups. • Sanabil Investments Investments: 📈 Invests $3 billion annually in venture capital and growth-stage opportunities, with a strong focus on fintech and tech-driven startups. • The Saudi National Bank - SNB Fund: 🔹 Saudi National Bank (SNB) launched a $53 million fund aimed at supporting fintech startups in Saudi Arabia. 🌟 Leading Fintech Startups • Tabby (BNPL): 🛒 With a $1.5 billion valuation, Tabby raised $200 million in a Series D round, backed by Mubadala, STV, and PayPal Ventures. • Tamara (BNPL): 💳 Valued at over $1 billion, Tamara secured $340 million, including a debt facility from Goldman Sachs. Key investors: Sanabil and SNB Capital. • HALA (SME Fintech): 🔹 Secured funding from TPG, a private equity giant. 🔹 Previously raised $6.5 million in a Series A round and obtained a debt-based crowdfunding license. • Lean Technologies Technologies: 🖥️ Raised $67.5 million in Series B funding, led by General Catalyst. Investors include SVC, Bain Capital Ventures, and Duquesne Family Office. 🏦 Key Banks Driving Fintech Growth • The Saudi National Bank - SNB : 🔹 The largest financial institution in the Kingdom. 🔹 Reported a net income of SAR 5.4 billion in Q3 2024, up 7.1% YoY. 🔹 Actively supports fintech through investments, such as backing Tamara in its funding rounds. • Riyad Bank: 🔹 Reported a staggering SAR 7.1 billion net income for the first nine months of 2024, growing 16% YoY. 🔹 Embracing open banking, it offers services like the Account Information Service (AIS), enabling seamless financial management for customers. • Saudi Central Bank – SAMA: 🔹 Oversees regulatory sandboxes and fintech accelerators to foster innovation and collaboration between traditional banks and startups. 🔹 Introduced the Open Banking Framework to enhance data-sharing in the financial sector. Last year had a pleasure discussing the fintech revolution with Genia Xasis, PhD, Emon Shakoor إيمان عبد الشكور , Faysal A. Ghauri #saudiarabia #ksa #fintech #startups #vision2030

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Across MENA, digital transformation, a young, tech-savvy population and the rise of enterprise tech are driving the reimagining of how work is organised, accessed and delivered regionally.   MENA’s unique convergence of tech, talent, and policy is reshaping work as we know it. From skills-first hiring and AI-native enterprise tools, to platforms powering portfolio careers, I outline the venture opportunities emerging from this seismic shift in my latest op-ed.   These changes signal the rise of a new workforce operating system: AI-powered, inclusive, and globally distributed.   The future of work is being redefined with the GCC leading the way.   Read more of my thoughts in Gulf Business: https://lnkd.in/diZM3m2P

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