I try to keep abreast of market trends in Digital and Technology across the Middle East as much as possible, and FinTech a central element of the continued advancement of the Digital Revolution in the region.
Having worked in London previously, the market still seems very small in comparison and the investment numbers quoted are dwarfed by those from Canary Wharf, but I believe the rate of change is far greater here. We're at the point now where lots of companies are Series B funding rounds are are starting to raise eyebrows from investors elsewhere in the world, a great example being Souqalmal (quoted in this article as well) who recently raised Series B funding which included investment from UK based Go Compare.
Watch this space, as FinTech continues to make waves in the UAE!
Over the past decade, fintech startups in the region have raised over $100 million in funding, and investment is predicted to double by 2020, according to the State of Fintech report. Disclosed investment in fintech had jumped 100% to over $35 million by October 2017 — Paytabs ($20million), Souqalmal ($10 million) and Beehive ($5 million) — compared to $18 million last year. The number of fintech startups also increased from 46 in 2013 to 105 in 2015. It is estimated that it will more than double again to 250 by 2020, according to the report.