Fintech Startups in MENA
The MENA region has accounted for the smallest proportion of global fintech funding over the years (around 1%), however it has also experienced the most explosive growth, according to research conducted by BCG. Crucial elements needed to support the development of the ecosystem (such as business environment/access to markets, government/regulatory support, access to capital and financial expertise) all exist, and as investment into the region steadily increases, fintech has begun to build momentum. ‘We are witnessing growing innovation throughout the Middle East, and that is reflected in the gradual development of the fintech sector across the region’, says Godrey Sullivan, Partner & Managing Director of BCG Middle East.
Since 2010, the number of fintech startups in MENA has grown 39% annually and today, there are at least 50 fintech startups in MENA, according to research conducted by ArabNet.
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