Riyadh - Sharikat Mubasher: The Saudi-based shopping and financial services company, Tabby, was recognized as the most valuable fintech startup in the Middle East and North Africa (MENA) region, leading the Forbes Middle East’s Fintech 50 list.

According to Forbes, this recognition was attributed to Tabby’s $160 million Series E round, which boosted the company’s valuation to $3.3 billion.

Rasan, the Saudi fintech company specializing in insurance and banking technology, secured the third spot in the list following the Egypt-based Fawry. Overall, the list encompassed 10 Saudi fintech companies including Tamara, HyperPay, PayTabs Group, Tap Payments, Lean Technologies, Lendo, Lamaa for Information Technology (Lamaa Tech), and Wadaie.

Around 119 fintech companies raised $700 million in 2024, accounting for 30% of the total funding for MENA startups during the year and underscoring strong investor interest in the thriving sector. Payment solutions and buy now, pay later (BNPL) services remained the hottest space.

The Forbes Middle East’s Fintech 50 list featured companies from 11 countries and 12 newcomers, including the digital assets platform CoinMENA, the U.A.E.’s Ziina, and Egypt’s Sahl. The UAE is the most represented country on the list with 13 companies, followed by Egypt and Saudi Arabia with 12 and 10 companies, respectively.

The 50 companies on this year’s list have processed a total of over $240 billion in transactions, having secured more than $3.8 billion in total funding.