Money20/20 Middle East opened in Riyadh with major announcements for Saudi Arabia’s fintech sector, including Tabby’s Series F funding round at a $6.5B valuation and a SAR 500M partnership between Silq and Jwa Financial.
Tabby said it will use the new capital to strengthen its consumer finance products, expand its workforce and develop services for a wider range of customers. The valuation reflects growing investor interest in fintech companies that combine large user bases with broader financial services.
The Silq-Jwa Financial partnership will support financing for startups and small and medium-sized businesses. Silq currently serves more than 50,000 businesses with financing and working-capital solutions.
Discussions at the Riyadh event also focused on regulation, artificial intelligence, financial system resilience and central bank digital currencies. Speakers emphasized the need to let fintech companies test and scale new models while managing risks to financial stability.
The conference is expected to attract more than 38,000 visitors, 350 exhibiting brands, 390 speakers, over 600 investors and 150 startups. It is hosted by the Financial Sector Development Program, the Saudi Central Bank, the Capital Market Authority and the Insurance Authority, and jointly organized by Fintech Saudi and Tahaluf.
Learn more about Money20/20 Middle East
Source: EntArabi
