Everything starts with a payment.
Payfort’s Omar Soudodi, talking to Wamda, said that the wealth transfer is the foundation of fintech. According to the managing director of the payment gateway, 40 million buyers making purchases online in the region, and 50 percent of the millennials are online. It’s a growing market.
So, fintech is hot right now.
Globally the venture capital raised by the fintech sector hit an all time high in 2015 at $19.1 billion.
The activity of fintech startups in the MENA region isn’t faring too badly either. According to a report due out next month from Wamda Research Lab and Payfort, fintech startups have raised $100 million over the last decade, and around $50 million in investments are predicted for 2017.
Add to that, the number of startups coming out of the region, offering financial services, doubled from 46 to 105 between 2013 and 2015.
Also attending Wamda’s latest Mix n’ Mentor Katherine Budd, cofounder at remittance app Now Money, was excited about the financial services market in the region, calling it a “phenomenal market compared to everything else.”
Watch the video for more.