RIYADH: Startup funding activity across the Middle East and North Africa region continues to show resilience, with fintech and artificial intelligence-focused ventures drawing significant investor interest.
From early-stage rounds to global expansion plays, startups across Saudi Arabia, the UAE, Jordan, and Tunisia have secured new backing to accelerate growth, scale technologies, and strengthen digital infrastructure.
Saudi Arabia-based fintech startup erad has secured $33 million in debt financing, marking Indian venture debt firm Stride Ventures’ first investment in the Kingdom.
The transaction, closed during Money20/20 Riyadh, included participation from other undisclosed investors.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Al-Meheini, and Youssef Said, erad offers Shariah-compliant, data-driven financing solutions to micro, small and medium-sized enterprises in Saudi Arabia and the UAE.
The company claims to enable funding access within 48 hours. The new capital will be used to scale its platform and expand operations across both markets, with a focus on the retail, food and beverage, healthcare, and e-commerce sectors.
This latest round follows a $16 million pre-series A funding round which closed in April 2024 with backing from Y Combinator, Nuwa Capital, and others.
Stride Ventures plans $200m deployment in Saudi Arabia
Stride Ventures has also announced plans to deploy $200 million in Saudi Arabia over the next two years, signaling a significant push into the Gulf region’s evolving financing landscape.
The firm is targeting a diverse range of companies across sectors and sizes, aligning with Saudi Arabia’s economic diversification goals.
Additionally, Stride aims to invest $50 million into the UAE’s private credit market and has committed $500 million for broader Gulf investments over the next four years.
Tunisia’s ANAVA commits $4m to Rasmal Innovation Fund I
Tunisia’s ANAVA Fund of Funds has committed $4 million to Qatar-based Rasmal Innovation Fund I, a vehicle supported by the Qatar Investment Authority’s $1 billion initiative.
The commitment aims to increase global venture capital access for Tunisian startups and strengthen links across the Middle East and North Africa startup ecosystems.
Rasmal Innovation Fund I targets $100 million in capital to invest in seed to series B-stage startups across fintech, B2B SaaS, healthtech, and logistics.
ANAVA, which is backed by the World Bank, KfW, and CDC, continues to deploy a fund-of-funds model to attract international fund managers and develop the local innovation economy.
Presight and Shorooq launch $100m A innovation fund
Presight, an AI-focused subsidiary of Abu Dhabi’s G42, has partnered with venture capital firm Shorooq Partners to launch a $100 million global innovation fund targeting AI ventures.
Presight–Shorooq Fund I will invest in early to growth-stage startups in AI, machine learning, and smart cities, as well as energy, fintech, augmented and virtual reality, Industry 4.0, and deep tech.
Presight–Shorooq Fund I will invest in early to growth-stage startups in AI, machine learning, and smart citie. (Supplied)
In addition to capital, the fund offers access to Presight and G42’s GPU infrastructure, secure data environments, and distribution channels.
The initiative seeks to position Abu Dhabi as a global hub for scalable and transformative AI solutions by pairing Presight’s technological capabilities with Shorooq’s investment expertise.
PayPal to invest $100m in Middle East and Africa
US-based digital payments company PayPal has announced plans to invest $100 million across the Middle East and Africa through a combination of minority investments, acquisitions, PayPal Ventures funding, and technology deployment.
The investment follows the recent opening of PayPal’s regional hub in the UAE, which aims to enhance digital commerce through improved payments, security, and international market access.
The initiative will build on PayPal Ventures’ previous investments in startups including Tabby, Paymob, and Stitch, and is positioned to help scale digital infrastructure while supporting regional entrepreneurs and small businesses.
Saudi fintech Bynow raises $1.2m from Merak Capital
Riyadh-based B2B fintech startup Bynow has secured $1.2 million in funding from Merak Capital to accelerate product development and support regional expansion.
Founded in 2022 by Rami Suliman and Ahmed Banafa, Bynow provides buy now, pay later solutions tailored for businesses, with a particular focus on small and medium-sized enterprises.
Founded in 2022 by Rami Suliman and Ahmed Banafa, Bynow provides buy now, pay later solutions tailored for businesses. (Supplied)
The company is developing tools to automate accounts receivable and payable processes.
The funding aligns with broader efforts under Vision 2030 to digitize financial services and enhance cash flow management across the SME sector.
Bwatech secures $16m to expand fintech services in Saudi Arabia
Saudi Arabia-based fintech Bwatech has raised $16 million in a funding round led by Sharaka Financial to fuel growth and deepen its presence in the Kingdom’s evolving digital finance sector.
Founded in 2020 by Rasha Al-Oraini and Hashem Al-Hekail, Bwatech offers a digital platform providing bank guarantees, account management, and open banking services accessible via web, mobile, and APIs.
Operating under the Saudi Central Bank’s regulatory sandbox, Bwatech aims to bolster corporate financial efficiency and contribute to the Kingdom’s broader digital infrastructure.
MoneyMoon raises $2.9m to scale P2P lending platform
Peer-to-peer lending platform MoneyMoon has raised $2.9 million in a pre-series A round led by Core Vision, with participation from family offices and angel investors.
The Saudi fintech startup will use the funds to enhance its technology stack and broaden access to Shariah-compliant short-term financing.
Founded in 2023 by Abdulmajeed Al-Askar, MoneyMoon operates under the Saudi Central Bank’s sandbox and offers Murabaha-based financing options.
The company’s mission is to advance financial inclusion and support innovation in line with Vision 2030 objectives.
Sindbad Tech raises $4.8m seed round to scale fintech offerings
Saudi fintech firm Sindbad Tech raised $4.8 million in seed funding during Money20/20 Middle East, with the round led by Alkhabeer Capital.
The funding will support the company’s expansion and continued development of financial solutions.
Founded in 2013 by Abdulaziz Al-Sultan, Mohammed Agbawi, and Ziad Aqbawi, Sindbad Tech evolved from a research initiative into a full-fledged fintech platform.
The company aims to improve transactional efficiency and contribute to Saudi Arabia’s innovation and digital transformation agenda.
Jordan’s MADA secures $1.55m in pre-seed funding
Jordanian fintech MADA has raised $1.55 million in a pre-seed round led by Vision Ventures, with additional investment from D-Investments.
The company plans to use the funding to advance its platform and prepare for regional expansion.
Founded in 2018 by Mohammad Merie and Issa Ramadan, MADA offers buy now, pay later solutions and operates under the Central Bank of Jordan’s regulatory sandbox.
The startup seeks to offer flexible financing options while promoting financial inclusion and enhancing consumer access to digital credit products.
