‘Fintech startups in Middle East, North Africa raised $100m last decade’
Fintech startups in the Middle East and North Africa have raised $100-million over the last decade, yet 28% fail in their initial years, says a new report by business support organisation Wamda and online payment gateway Payfort.
Released last month the report, titled State of Fintech: Unbundling the financial service sector in MENA, estimates that about $50-million in investments are expected to go to fintech startups in the Middle East and North Africa (MENA) region this year.
The region was home to 105 fintech startups by the end of 2015 (see featured image), with half of these having been launched since 2012. In all 30 firms are situated in North Africa. The UAE leads with 30 fintech startups, followed by Egypt with 17 and Jordan and Lebanon with 15 each.