A group of fintech business leaders from the United Kingdom will head to Saudi Arabia this month as part of efforts to attract investment to British startups, according to Asharq Business.
Who is Meeting Who?
Among the officials expected to attend are executives from Wise Company and from the venture capital firms Anthemis Group and Outward, according to documents reviewed by “Bloomberg.”
These executives will meet representatives from the Saudi Central Bank and the Public Investment Fund in Riyadh on a three-day mission, as the documents indicate.
Investments in the UK’s fintech sector have dried up in recent years due to rising interest rates, inflation, and a decrease in company values. These factors have weakened investor interest. The total investment in this sector declined to $5.1 billion in 2023, a 65% decrease from the previous year, according to the “Innovate Finance” association.
Fintech Recovery in Saudi Arabia
Meanwhile, investment in Saudi startups has been vigorous. Tamara’s valuation exceeded one billion dollars after it raised 340 million dollars in December.
It is a startup offering buy now, pay later services.
Similarly, the valuation of Saudi-based Tabby reached 1.5 billion dollars during its fundraising process.
Fintech Conference in Riyadh
Parallelly, a fintech conference is being held in Riyadh this month. It will be under the supervision of the Saudi-British Joint Business Council (SBJBC).
Around twenty executives, partners, and investors in the fintech sector are expected to participate.
The event aims to promote “knowledge exchange between the UK and the Saudi fintech ecosystem,” according to a statement published online.
The UK’s Department for Business and Trade supports this conference in KSA.