In the Middle East and North Africa, fintech and artificial intelligence startups are capturing significant investor interest, demonstrating resilience in the region’s startup funding landscape. Countries like Saudi Arabia, the UAE, Jordan, and Tunisia are seeing startups secure funding to drive growth, enhance digital infrastructure, and scale technologies.
Saudi fintech company erad has raised $33 million in debt financing, marking the first investment in Saudi Arabia by Indian venture debt firm Stride Ventures. The funds will help erad, which offers Shariah-compliant financing solutions, to expand its operations in Saudi Arabia and the UAE, focusing on sectors such as retail, food and beverage, healthcare, and e-commerce.
Stride Ventures plans to deploy $200 million in Saudi Arabia over the next two years, targeting various sectors and aligning with the country’s economic diversification goals. Additionally, the firm aims to invest $50 million in the UAE’s private credit market and $500 million across the Gulf region over four years.
Tunisia’s ANAVA Fund of Funds has committed $4 million to the Qatar-based Rasmal Innovation Fund I, aiming to enhance venture capital access for Tunisian startups and strengthen regional startup ecosystems. The fund targets $100 million to invest in fintech, B2B SaaS, healthtech, and logistics startups.
In Abu Dhabi, Presight and Shorooq Partners have launched a $100 million global innovation fund to invest in AI, machine learning, and smart city startups, aiming to position Abu Dhabi as a hub for transformative AI solutions.
PayPal plans to invest $100 million in the Middle East and Africa to enhance digital commerce and support regional entrepreneurs, building on previous investments in startups like Tabby and Paymob.
Other fintech startups in Saudi Arabia, such as Bynow, Bwatech, MoneyMoon, and Sindbad Tech, have also secured significant funding to expand their offerings and support the country’s Vision 2030 goals. Meanwhile, Jordanian fintech MADA has raised $1.55 million in pre-seed funding to advance its platform and prepare for regional expansion.
