RIYADH: Fintech stayed active as startup funding across the Middle East and North Africa fell 96 percent in October, as Tabby Cash passed 1 million accounts and Wafr raised pre-seed funding for sukuk.
Startups across the region raised just $40 million across 32 deals in the 10th month of the year, according to Wamda and Digital Digest.
Not only is at a monthly drop of over a $1 billion, it also represents a 95 percent decline from the $784.9 million recorded in October 2025.
The headline fall was magnified by the lack of megadeals.
Whereas September had been lifted by three Saudi fintech deals worth a combined $762.5 million, while October had no later-stage rounds.
Transactions fell 56 percent, from 73 to 32. Fintech ranked second by funding value and led by deal count, with five startups raising nearly $10 million.
“The result suggests that investor interest in financial technology has not disappeared,” Wamda said in its report.
Saudi Arabia remained the region’s most-funded ecosystem, with nine startups raising $18.8 million, or 47 percent of the month’s total. Autobia’s $12 million Series A accounted for nearly 64 percent of that.
The UAE followed with 10 startups raising $12.9 million, and the two markets together took nearly 80 percent of October's capital.
