224 fintech companies in Saudi Arabia by end of Q2 2024: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Minister of Finance Mohammed Al-Jadaan said the number of fintech companies in Saudi Arabia reached 224 by the end of Q2 2024, surpassing the Financial Sector Development Program's (FSDP) target of 168 companies for the same period.

In his opening speech at the 24 Fintech 2024 Conference, Al-Jadaan added that the Kingdom aims to increase the number of fintech companies to 525 by 2030.

He added that the value of venture capital investment in Saudi fintech companies amounted to SAR 7.1 billion by the end of Q2 2024.

Online payments in the retail sector dominated 70% of total payments in 2023, compared to 62% a year earlier, achieving the FSDP 2025 target, the minister said. He noted that the Kingdom seeks to increase this percentage to 80% by 2030.