Marhaba, fintech friends!

As geopolitical instability casts a shadow over regional markets, fintech’s path to public markets is entering a more complex phase.

In Q1 2025, MENA recorded 14 IPOs raising $2.4 billion, with Saudi Arabia leading in volume and proceeds. Financial services, including fintech, accounted for over 20% of capital raised, reflecting the sector’s growing presence in public markets. With names like Tamara, Tabby, Huspy, and MNT-Halan lining up to list, 2025 is shaping up to be a milestone year for digital-first IPOs.

But current geopolitical tensions are testing investor sentiment. While fintech benefits from strong digital adoption and regulatory tailwinds, instability could lead to delayed listings or downward valuation revisions as risk premiums rise and foreign capital grows cautious.

At the same time, the anticipated wave of fintech IPOs is part of a broader shift: digital-first companies now account for a growing share of MENA IPO proceeds, with fintech among the sectors leading the charge. This signals a maturing ecosystem where scalable, tech-driven business models are increasingly seen as public-market ready, even as they navigate the crosscurrents of regional uncertainty.

Still, the region’s fintech machine hasn’t hit pause. From funding to partnerships and product launches, this week’s news suggest that operators are focused on building, even when markets wobble.

💸 Fundraises and Exits

🇦🇪 Octa secures $20 million in a credit facility from Sukna Fund for Direct Financing to offer embedded working capital to SMEs in Saudi Arabia

🇪🇬 Octane, Egypt-based fintech, raises $5.2 million in funding from Showroom Partners, Algebra Ventures and Elsewedy Electric

🇦🇪 Prop-AI, UAE proptech, closes a $1.5 million pre-seed funding round

🇱🇧 Xfolio, France-Lebanon-based wealth management start-up, raises a $2 million seed round from MEVP

🇦🇪 UAE-HQ Moove inches closer to unicorn status with a $300 million equity raise underway

🇦🇪 SaturnX, UAE-based virtual assets startup, raises $3 million in a seed funding round from White Star Capital.

💰 Funds

🇸🇦 Nama Ventures invests in UK-based fintech Finbar's pre-seed funding round, alongside YC, the Oxford Seed Fund, Founders Capital, Unpopular Ventures, and others.

🚀 Partnerships & Product Launches

Binance announces that users in Syria can now trade crypto on its platform following the US’ decision to lift sanctions on the country

UK-based fintech infrastructure provider NayaOne introduces Saudi Arabia’s first fully Saudi-hosted Vendor Delivery Infrastructure platform, in partnership with regional business expansion specialist AstroLabs

MoneyGram partners with Saudi digital wallet provider tiqmo, allowing its users to send international money transfers to over 200 countries and territories through the global MoneyGram network

Blockchain data storage firm Serenity and US-based fintech Zoniqx announce a strategic partnership to launch a biometric-secured tokenization pilot in the UAE

Iraq-based Qi partners with K2 Integrity to enhance its financial compliance standards across its operations in the UAE, Jordan and Iraq

In partnership with Checkout.com, Stake launches Pay to Card, a new withdrawal feature, allowing investors to receive returns directly to their bank cards

Stake also introduces its first private real estate development fund in Saudi, open to both local and international investors

Global investment firm, IHC, launches the Reinsurance Intelligence Quotient in ADGM, with backing from BlackRock and Lunate

EGBANK partners with Mastercard to develop its card portfolio - including debit, credit and commercial cards - and expansion strategy.

🏛 Licensing & Regulations

SAMA grants Madfu, Saudi-based fintech, a license to provide BNPL services

The Central Bank of Oman introduces its regulatory framework for licensing, data protection and technical requirements for Open Banking

The Central Bank of Kuwait publishes a draft of its Open Banking Framework 

Thank you for tuning in!

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Until next week,

Salam ✌🏼