Old Dubai
Marhaba, fintech friends!
As geopolitical instability casts a shadow over regional markets, fintech’s path to public markets is entering a more complex phase.
In Q1 2025, MENA recorded 14 IPOs raising $2.4 billion, with Saudi Arabia leading in volume and proceeds. Financial services, including fintech, accounted for over 20% of capital raised, reflecting the sector’s growing presence in public markets. With names like Tamara, Tabby, Huspy, and MNT-Halan lining up to list, 2025 is shaping up to be a milestone year for digital-first IPOs.
But current geopolitical tensions are testing investor sentiment. While fintech benefits from strong digital adoption and regulatory tailwinds, instability could lead to delayed listings or downward valuation revisions as risk premiums rise and foreign capital grows cautious.
At the same time, the anticipated wave of fintech IPOs is part of a broader shift: digital-first companies now account for a growing share of MENA IPO proceeds, with fintech among the sectors leading the charge. This signals a maturing ecosystem where scalable, tech-driven business models are increasingly seen as public-market ready, even as they navigate the crosscurrents of regional uncertainty.
Still, the region’s fintech machine hasn’t hit pause. From funding to partnerships and product launches, this week’s news suggest that operators are focused on building, even when markets wobble.
💸 Fundraises and Exits
🇦🇪 Octa secures $20 million in a credit facility from Sukna Fund for Direct Financing to offer embedded working capital to SMEs in Saudi Arabia
🇪🇬 Octane, Egypt-based fintech, raises $5.2 million in funding from Showroom Partners, Algebra Ventures and Elsewedy Electric
🇦🇪 Prop-AI, UAE proptech, closes a $1.5 million pre-seed funding round
🇱🇧 Xfolio, France-Lebanon-based wealth management start-up, raises a $2 million seed round from MEVP
🇦🇪 UAE-HQ Moove inches closer to unicorn status with a $300 million equity raise underway
🇦🇪 SaturnX, UAE-based virtual assets startup, raises $3 million in a seed funding round from White Star Capital.
💰 Funds
🇸🇦 Nama Ventures invests in UK-based fintech Finbar's pre-seed funding round, alongside YC, the Oxford Seed Fund, Founders Capital, Unpopular Ventures, and others.
🚀 Partnerships & Product Launches
Binance announces that users in Syria can now trade crypto on its platform following the US’ decision to lift sanctions on the country
UK-based fintech infrastructure provider NayaOne introduces Saudi Arabia’s first fully Saudi-hosted Vendor Delivery Infrastructure platform, in partnership with regional business expansion specialist AstroLabs
MoneyGram partners with Saudi digital wallet provider tiqmo, allowing its users to send international money transfers to over 200 countries and territories through the global MoneyGram network
Blockchain data storage firm Serenity and US-based fintech Zoniqx announce a strategic partnership to launch a biometric-secured tokenization pilot in the UAE
Iraq-based Qi partners with K2 Integrity to enhance its financial compliance standards across its operations in the UAE, Jordan and Iraq
In partnership with Checkout.com, Stake launches Pay to Card, a new withdrawal feature, allowing investors to receive returns directly to their bank cards
Stake also introduces its first private real estate development fund in Saudi, open to both local and international investors
Global investment firm, IHC, launches the Reinsurance Intelligence Quotient in ADGM, with backing from BlackRock and Lunate
EGBANK partners with Mastercard to develop its card portfolio - including debit, credit and commercial cards - and expansion strategy.
🏛 Licensing & Regulations
SAMA grants Madfu, Saudi-based fintech, a license to provide BNPL services
The Central Bank of Oman introduces its regulatory framework for licensing, data protection and technical requirements for Open Banking
The Central Bank of Kuwait publishes a draft of its Open Banking Framework
💡
Why subscribe to
?
• Join other execs from Visa, Plaid, Stripe, Robinhood, Revolut, Chime, Rapyd, and more to get the latest insights and deep dives.
• Learn from and collaborate with the world's largest fintech community, with 150,000+ members.
• Memberships start at $10 per month.
!
Thank you for tuning in!
If you have feedback on this edition of This Week in Fintech MENA, please reach out on LinkedIn.
Until next week,
Salam ✌🏼
