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  • 09-01-22

    Saudi fintech records surge in venture capital investments

    (MENAFN) Saudi Arabia recorded a huge surge in venture capital investments in the financial technology industry, reaching 16 contracts in the period from January till August of last year amounting at USD157.2 million.

    Based on the Saudi Fintech yearly report, this in comparison with two years ago, when seven venture capital agreements were inked that are valued USD7.8 million as pandemic constraints shortened activity.

    This year has also recorded supporting spread on a variety of early-stage schemes, with 46 percent at series A and B phases, 38 percent at the seed phase, and 15 percent at pre-seed stage.

    Pre-seed funding is the earliest level of investment, often from creators, family as well as close supporters. Then it is followed by more formal seed and series levels, where equity in the business is exchanged.

    MENAFN09012022000045013568ID1103509301

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