Over US$222m invested in fintech in MENA region, reports MAGNiTT

MAGNiTT, a startup directory that connects investors, mentors, and emerging companies in the Middle East, published its flagship report ‘The H1 2021 Middle East and North Africa (MENA) Venture.’ The report, which is a bi-annual update on the venture capital and startup ecosystems in the MENA region, explores several sectors: fintech, e-commerce, food and beverage, delivery and transport, and healthcare.

According to the data, the Fintech sector reported an investment of US$222 million in the first half (H1) of 2021 across MENA, Pakistan, and Turkey. Additionally, H1 2021 showed the highest amount of Fintech funding raised within a 6 month period in the MENA region, while United Arab Emirates (UAE) and Saudi Arabia reported 60% of total MENA funding into Fintech. Both Turkey and Pakistan saw greater investment in Fintech in H1 2021 than in 2020.