Fintech Market in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Fintech Companies in Saudi Arabia. The Market is Segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, and Others). The Market Size and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Saudi Arabia Fintech Market Size

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Saudi Arabia Fintech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 63.90 Billion
Market Size (2029) USD 87.14 Billion
CAGR (2024 - 2029) > 6.07 %
Market Concentration Low

Major Players

Saudi Arabia Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Saudi Arabia Fintech Market Analysis

The Saudi Arabia Fintech Market size in terms of assets under management value is expected to grow from USD 63.90 billion in 2024 to USD 87.14 billion by 2029, at a CAGR of greater than 6.07% during the forecast period (2024-2029).

The massive rate of adoption of smartphones and the internet boosted the growth of the fintech market in Saudi Arabia. The large population in the country is connected with fintech companies, and it has helped the companies reach out to a vast range of customers by making financial services more accessible and convenient. A young and tech-savvy population in the country with high mobile and internet usage rates is also driving the demand for innovative financial solutions.

For small and medium enterprises (SMEs), FintechSaudi provides education and resources through workshops and training for students, investors, companies, and banks. This helps emerging talent and entities learn about the fintech industry and understand FintechSaudi's role in development. They also create products and services to support SMEs across the country.

Governments and financial authorities are prioritizing the need to foster innovation in the financial sector. They are introducing policies to promote competition, reduce entry barriers, ensure data security, and encourage the development of new financial technologies. In addition, changing consumer preferences are increasing the adoption of fintech. Moreover, the rising advancements in data analytics and artificial intelligence, which allow fintech firms to provide better risk assessment, fraud detection, and personalized financial recommendations, are supporting the market's growth in Saudi Arabia.

Saudi Arabia Fintech Market Trends

Digital Transformation and Regulatory Support Driving the Market

Saudi Arabia's continued digital transformation creates a favorable environment for fintech startups to establish. The rising number of digital payment and banking solutions gained quick popularity among Saudi consumers. The development of the fintech sector is supported by the Saudi Arabian Monetary Authority (SAMA) to encourage innovation.

  • The government's Vision 2030 plan aims to diversify the economy by increasing investments in fintech apart from oil to increase the market's growth.
  • The ongoing trends in Saudi Arabia's fintech market include advanced technology infrastructure, rising accessibility to cloud services and 5G networks, and the increasing demand for financial services like asset management, investments, and insurance.
  • The Saudi government introduced various initiatives to build a technology-driven economy and create a cashless ecosystem. It has developed organizations like Saudi Fintech to support initiatives and encourage small and medium-sized enterprises to use fintech solutions.
Saudi Arabia Fintech Market: Net Income From Digital Banks, Saudi Arabia, In USD Billion, 2020 - 2022

Increasing Smartphone Usage for Digital Payments Driving the Market

  • The use of digital wallets in Saudi Arabia is increasing due to the growing adoption of digital banking and the rising penetration of the internet and smartphones. These payment methods are incorporated with encrypted security, such as two-factor authentication and lock and wipe features, which makes them more secure and reliable. Hence, more users in Saudi Arabia are adopting digital wallet solutions that drive the market's growth.
  • Saudi Arabia's government invests in the latest technologies and encourages cashless transactions. Hence, the government's rising focus on improving transparency and accountability during the transaction process by adopting digital payment solutions increases the demand for digital wallets in Saudi Arabia.
Saudi Arabia Fintech Market:Digital Payments, Saudi Arabia, In USD Billion, 2019-2023

Saudi Arabia Fintech Industry Overview

The Saudi Arabia fintech market is fragmented. The market is witnessing partnerships with local banks and international fintech companies to create diverse activities in the country. Market players are working together to encourage innovation and experimentation, building a solid and inclusive fintech ecosystem that can support long-term growth. The major companies in the market are Rasanah Technologies LLC, Lendo, SURE, Foodics, and Sulfah.

Saudi Arabia Fintech Market Leaders

  1. Rasanah Technologies LLC

  2. Lendo

  3. SURE

  4. Foodics

  5. Sulfah (Consumable Micro-lending)

*Disclaimer: Major Players sorted in no particular order

Saudi Arabia Fintech Market Concentration
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Saudi Arabia Fintech Market News

  • February 2023: Hala, a fintech company in Saudi Arabia, purchased, a payments service provider based in the United Arab Emirates. With this acquisition, Hala can handle omnichannel payments, integrate digital payments into its product offerings, and help its SME clients become more visible online. According to a press release by Wamda, the platform's payment processing increased by more than 250% yearly.
  • January 2022: The Saudi Arabian Monetary Authority (SAMA) issued licenses to 15 new fintech companies to operate in the country, bringing the total number of licensed fintech companies in Saudi Arabia to 45.

Saudi Arabia Fintech Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Faster Transaction Drives the Market

      2. 4.2.2 Cost Reduction Drives the Market

    3. 4.3 Market Restraints

      1. 4.3.1 Fintech Companies may be More Vulnerable to Cyber-Attacks

      2. 4.3.2 Fintech Companies may not Offer Same Range of Financials


      3. 4.3.3 Market Oppurtunities

        1. Technological Advancements in Fintech Market

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitutes

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insights into Technology Innovations in the Market

    6. 4.6 Insights into Government Regulations and Industry Policies

    7. 4.7 A Brief on Consumer Needs and Behavior Analysis Toward Saudi Arabia Fintech Industry

    8. 4.8 Impact of COVID-19 on the Market


    1. 5.1 By Service Proposition

      1. 5.1.1 Money Transfer and Payments

      2. 5.1.2 Savings and Investments

      3. 5.1.3 Digital Lending & Lending Marketplaces

      4. 5.1.4 Online Insurance & Insurance Marketplaces


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Rasanah Technologies LLC

      2. 6.2.2 SURE

      3. 6.2.3 Foodics

      4. 6.2.4 Sulfah

      5. 6.2.5 Raqamyah Platform

      6. 6.2.6 Maalem Financing Company

      7. 6.2.7 Skyband

      8. 6.2.8 Saudi Fintech Company

      9. 6.2.9 Fleap

      10. 6.2.10 Tamara*

    3. *List Not Exhaustive


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Saudi Arabia Fintech Industry Segmentation

FinTech technology utilizes technology to provide financial services and streamline traditional financial processes. It includes many digital solutions, including mobile banking apps, online payment platforms, cryptocurrency, peer-to-peer lending, robo-advisors, and more.

The Saudi Arabian fintech market is segmented by service propositions into money transfer and payments, savings and investments, digital lending & lending marketplaces, online insurance & insurance marketplaces, and others. The report offers market sizes and forecasts in value (USD) for all the above segments.

By Service Proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces
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Saudi Arabia Fintech Market Research FAQs

The Saudi Arabia Fintech Market size is expected to reach USD 63.90 billion in 2024 and grow at a CAGR of greater than 6.07% to reach USD 87.14 billion by 2029.

In 2024, the Saudi Arabia Fintech Market size is expected to reach USD 63.90 billion.

Rasanah Technologies LLC, Lendo, SURE, Foodics and Sulfah (Consumable Micro-lending) are the major companies operating in the Saudi Arabia Fintech Market.

In 2023, the Saudi Arabia Fintech Market size was estimated at USD 60.02 billion. The report covers the Saudi Arabia Fintech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Fintech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The recent developments in the Saudi Arabia Fintech Market are a) The issuance of licenses to new fintech companies by the Saudi Arabian Monetary Authority (SAMA) b) The launch of digital banking services by major banks like the National Commercial Bank (NCB)

The key segments of the Fintech Market in Saudi Arabia include a) Technology: API (Application Programming Interface), AI (Artificial Intelligence) and Blockchain b) Application: Payment, Loans and Insurance c) End-users: Banking, Insurance and Securities

Fintech in Saudi Arabia Industry Report

The Saudi Arabia fintech market is poised for significant growth, driven by a combination of government initiatives, a tech-savvy population, and a supportive regulatory environment. The market is segmented by technology, including APIs, AI, blockchain, robotic process automation, and data analytics, with blockchain being a major contributor due to the rising use of digital currencies. In terms of application, the market is divided into payment and fund transfer, loans, insurance and personal finance, and wealth management, with wealth management leading due to increased demand for financial planning and digitalized client services. The end-user segments include banking, insurance, and securities, with banking holding the largest market share due to the widespread use of mobile banking apps. The market's growth is further bolstered by partnerships between traditional financial institutions and fintech companies in Saudi Arabia. Top fintech companies in Saudi Arabia are playing a crucial role in this transformation, driving the fintech industry in Saudi Arabia forward. The collaboration between traditional banks and fintech companies in KSA is a testament to the dynamic and evolving nature of the financial landscape in the region. Statistics for the fintech in Saudi Arabia market share, size, and revenue growth rate, created by Mordor Intelligence™ Industry Reports, provide a comprehensive analysis. Get a sample of this industry analysis as a free report PDF download.

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Fintech Market in Saudi Arabia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)