The number of fintech companies in the kingdom grew by 79% from 2018 to 2022. By August 2022, there were 147 active firms in the field, compared to just 10 in 2018.
Between September 2021 and August 2022, SAR 1.5 billion ($402.2 million) was invested in the field. A study by the Fintech Saudi Initiative says that the Fintech market in Saudi Arabia has almost doubled and is now on par with markets like the UAE and Egypt in the MENA region.
Based on data from Fintech Saudi, this Techloy chart shows the number of active fintech companies in Saudi Arabia from 2018 to 2022.