According to PayNXT360, Embedded Finance industry in Saudi Arabia is expected to grow by 30.9% on annual basis to reach US$5,768.7 million in 2024.

The embedded finance industry is expected to grow steadily over the forecast period, recording a CAGR of 22.2% during 2024-2029. The embedded finance revenues in the country will increase from US$5,768.7 million in 2024 to reach US$15,720.5 million by 2029.

Saudi Arabia’s embedded finance market is experiencing a surge, fueled by government initiatives, a tech-savvy population, and a growing appetite for digital financial solutions. Saudi Arabia has a vibrant digital banking sector, with a significant portion of the population using online and neo-banks. Embedded finance complements this trend by seamlessly integrating financial services within existing platforms.

Major Innovation and Partnership in Saudi Arabia Embedded Finance Market:
• In Mar 2024, Funding Souq, a SME financing and investing platform, is thrilled to announce its partnership with Qoyod, Saudi’s leading accounting software provider, to offer embedded financing solutions specifically designed for the SMEs in Saudi Arabia. As part of this strategic collaboration, Funding Souq will leverage Qoyod’s robust cloud accounting platform to seamlessly integrate financing options directly into the accounting software.
• In Jan 2024, Finshape, a vanguard in the FinTech solutions landscape, has announced its strategic alliance with Arab National Bank (ANB), a seminal financial institution renowned for its innovative approach in Saudi Arabia. The catalyst behind this collaboration is a shared vision to redefine the banking experience through personalization and technology.
• In Sep 2023, Manigo, a London-based FinTech-as-a-service platform, and Saudi-based payments solution provider SurePay, have announced their partnership to launch embedded finance solutions for businesses and consumers across the Kingdom. Together, both parties endeavour to drive innovation, foster digital transformation, and contribute to the growth of the FinTech sector in the region, in-line with the Kingdom’s journey towards its Vision 2030.
• In Oct 2023, additiv, a global leader in embedded finance, announced that it is supporting Coop to launch Coop Finance+, a comprehensive new app for integrated financial services. At launch, Coop Finance+ offers banking products and individual pension solutions, with plans for further expansion in the coming months.
• In Oct 2023, SeaPay, a prominent Omni-Channel Payment Solutions provider, and Salt Edge, a distinguished FinTech company, have inaugurated a pivotal partnership. The collaboration between SeaPay and Salt Edge is meticulously designed to amplify the innovative open banking solutions available to local merchants in Saudi Arabia. This initiative is not merely a business venture but a stride towards aligning with the Saudi Central Bank’s (SAMA) vision of nurturing a flourishing business environment in the region.

Key Platforms and Players of Saudi Arabia Embedded Finance Market: The Saudi Arabian embedded finance market is a dynamic space with a mix of established players and innovative startups making waves.
This report provides a detailed data-centric analysis of the embedded finance industry, covering lending, insurance, payment, wealth and asset based finance sectors market opportunities and risks across a range of different sectors. With over 75+ KPIs at the country level, this report provides a comprehensive understanding of embedded finance market dynamics, market size and forecast.

It breaks down market opportunities by type of business model, consumer segment, and distribution models. In addition, it also provides detailed information across a range of different segment in each sector of embedded finance. KPI revenue help in getting an in-depth understanding of end market dynamics.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.