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Global State Of Fintech In 2023

Forbes Middle East - English

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April 2024

As VC investment slowed during 2023, the trend was also witnessed in the fintech sector, which experienced a plunge in funding.

- SYED SADAIN GARDAZI

Global State Of Fintech In 2023

Global funding in the fintech sector followed the same trend as VC investment and plummeted last year. Fintech saw its funding drop 50% year-on-year in 2023 to $39.2 billion, with deal volume falling by a significant 38% to 3,801-its lowest level since 2017, according to the State of Fintech 2023 Report by CB Insights.

The U.S. accounted for a significant 41% of deals during the year, driven by the volume of early-stage deals rising to its highest level in over a decade. Meanwhile, Asia's share of deals was down by 3.3 percentage points to 20%. The annual mergers and acquisitions exit volume, at 612 deals, remained higher than it was any year prior to 2021, while the fourth quarter witnessed the birth of eight fintech unicorns, marking a six-quarters high, with Saudi Arabia's Tabby ranked as the highest valued new unicorn at $1.5 billion, followed by Employment Hero from Australia with a $1.4 billion valuation.

Forbes Middle East - English से और कहानियाँ

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For nearly nine decades, Petroleum Development Oman (PDO) has been at the heart of Oman's economic growth. Today, as the first Omani Managing Director of the 88-year-old company, Aflah Al Hadhrami is steering PDO into a new era, one defined by purpose, people, and sustainability.

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If you are a very patient investor, you might want to have Angela Davis' CAMPBELL GLOBAL plant you some Douglas fir.

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TURNING WASTE AROUND

Ali Al Dhaheri, Managing Director and CEO of the Tadweer Group, believes that waste can be a powerful resource. As the company strives to divert waste from landfills and reduce emissions in the U.A.E., he's also hoping to have a global impact.

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Crossing Borders

SIDDEEK AHMED, Chairman and Managing Director of travel management company ITL World, expanded the company into the Middle East nearly 20 years ago, having first set up in India. Lured by the rapidly evolving sector then, today he's seeing even more opportunity, both here and abroad.

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FLYING AHEAD

Earlier this year, flynas became the first ever listed carrier in Saudi Arabia to go public, raising $1.1 billion in its landmark IPO. Managing Director and CEO Bander Almohanna now has his sights set on further route expansion and new destinations.

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The Vibe-Coding Factory

Stockholm-based LOVABLE has become the world's fastest-growing software startup, hitting over $100 million in annualized revenue in just eight months by using Al to enable millions of non-coders to instantly turn their ideas into websites, apps and online side hustles.

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Even with nepotism, protectionism and infinite” liquefied natural gas, THOMAS CROWLEY JR. shows it ain’t easy being the third generation to run an American shipping company.

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REDEFINING LUXURY

Noelle Homsy and Chris Nader built luxury ecolodge brand ENVI Lodges to redefine what it means to travel luxuriously and responsibly in the experiential outdoor hospitality space. Now, as they move towards closing their third funding round, bigger plans are on the horizon.

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