Bridging Borders: The Emergence of Fintech in Riyadh

The Flourishing Fintech Landscape in Saudi Arabia

Riyadh, Saudi Arabia, stands at the forefront of a transformative era in the financial technology sector. As highlighted by Saudi Arabia's National FinTech Strategy, the Kingdom is rapidly establishing itself as the Middle East's fintech hub. With projections indicating that the fintech market will burgeon from USD 64 billion in 2024 to over USD 87 billion by 2029, the momentum is palpable. Currently, more than 200 fintech companies are operational within the Kingdom, positioning Riyadh as the natural destination for innovators seeking to make their mark in the region.

This burgeoning ecosystem is not limited to local enterprises; it also provides a fertile ground for international players. A notable example is Digital Zone, Iraq's fastest-growing digital commerce platform. Founded in 2020, Digital Zone has quickly garnered a significant user base, serving over five million active customers and processing more than 41 million orders. The platform's success underscores the potential for cross-border collaborations and the sharing of expertise within the region.

Digital Zone: A Beacon of Innovation and Growth

Amidst a backdrop of limited venture capital and a nascent entrepreneurial ecosystem in Iraq, Digital Zone has emerged as a beacon of success. It is among the first Iraqi platforms to achieve national scale and is now strategically exploring growth opportunities in Saudi Arabia. Saif Al-Mufti, the Founder and CEO of Digital Zone, recognizes the significance of this move. He states, "Saudi Arabia's fintech trajectory is unmatched in the region. For Digital Zone, connecting with this ecosystem is a natural step."

The company's recent participation as a strategic sponsor of Bridge Baghdad exemplifies this ambition. Organized by Value Makers Studio (VMS) and KAPITA Business Hub, and supported by Orange Corners Baghdad, the program held at the Center of Digital Entrepreneurship (CODE HQ) in Riyadh from September 13–15, facilitated meaningful interactions between Iraqi startups and Saudi investors, regulators, and ecosystem leaders. This initiative not only highlights the collaborative spirit between the two nations but also paves the way for future innovations and partnerships that could redefine the fintech landscape in the Middle East.

As Riyadh continues to rise as a fintech hub, opportunities for collaboration and growth will only expand. The presence of pioneering companies like Digital Zone serves as a testament to the region's potential and the possibilities that lie ahead in the world of financial technology.

Bridging Growth — Beehive and Themar Forge a New Chapter in Saudi SME Finance

Strategic Rationale and Regional Context

First, the strategic rationale behind this move is clear. Beehive’s decision to sign a non-binding offer letter with Themar reflects a deliberate effort to combine digital lending expertise with local regulatory credentials, thereby addressing persistent financing gaps for small and medium enterprises in Saudi Arabia. Consequently, stakeholders should anticipate improved access to timely, scalable funding solutions that complement Vision 2030’s economic diversification objectives.

Moreover, this partnership comes at a pivotal moment for private credit across the Middle East. As capital needs of SMEs expand, innovative fintech-enabled platforms can accelerate credit delivery while preserving compliance and risk discipline. Therefore, integrating Beehive’s technology with Themar’s Kingdom-based licensing will likely generate efficiencies and expand market reach.

Transaction Implications and Stakeholder Perspectives

RIYADH, Saudi Arabia, - Beehive, the Middle East's pioneering digital SME lending platform, has signed a non-binding offer letter with Themar, a licensed crowdfunding platform in the Kingdom of Saudi Arabia. This strategic move looks to officially establish Beehive as a regulated fintech lender in the Kingdom, significantly strengthening its presence in one of the region's most dynamic SME markets.

The proposed partial M&A, subject to regulatory approval, represents a transformative step for private credit in Saudi Arabia. By combining Beehive's proven digital lending technology and regional track record with Themar's regulatory foundation and local expertise, the new entity will be uniquely positioned to enhance access to SME financing in the Kingdom.

In addition, this collaboration aligns with long-term national priorities. Saudi Arabia’s Vision 2030 seeks to expand SME lending and reinforce private sector growth; accordingly, the combined platform promises fast, digital, and accessible funding as a scalable alternative to traditional banking channels. Thus, entrepreneurs and investors alike may benefit from expanded choice and enhanced capital flow.

Leadership Commentary and Forward Outlook

Pete Tavener, Co-Founder & Group CFO & COO, Beehive said: "This M&A will be a milestone not only for Beehive but also for the broader SME ecosystem in Saudi Arabia. By combining our capabilities with Themar's local presence and regulatory standing, we will be creating a powerful platform that will transform SME financing in the Kingdom and support Vision 2030."

Yousef H. Al Dabbagh, Co-Founder & COO, Themar, commented: "The partnership between Themar and Beehive is more than just a merger; it's a catalyst for advancing SME growth across Saudi Arabia. Together, we will deliver innovative, Shariah-compliant, and accessible financing solutions that enable businesses to grow and contribute to the Kingdom's economic transformation."

Finally, looking ahead, the combined entity should prioritize regulatory engagement, robust governance, and scalable risk-management frameworks. Consequently, by balancing innovation with prudence, the venture can drive meaningful impact for SMEs while supporting Saudi Arabia’s broader economic ambitions.

Subotiz: Revolutionizing Subscription-Based Payments at MONEY20/20 Middle East 2025

A Groundbreaking Introduction in Riyadh

In a significant development for the fintech landscape, Subotiz, an AI-powered growth and payments platform, made its regional debut at the highly anticipated MONEY20/20 Middle East 2025. This event, held from September 15 to 17 at the Riyadh Exhibition and Convention Centre, stands as the most influential fintech gathering in the region, attracting over 450 brands, 350 speakers, and 600 investors. Subotiz introduced its comprehensive infrastructure aimed at simplifying and optimizing recurring payment systems for subscription-based digital businesses, thus addressing a critical need in the market.

The platform's presentation underscored its innovative Merchant of Record solution, which features multi-gateway support and AI-driven automation. These advancements enable businesses to navigate the complexities of fragmented payment systems and stringent compliance requirements. Subotiz’s offering stands out as a unified hub that integrates cutting-edge technology, revenue optimization, and operational agility, enabling digital enterprises to scale confidently on a global scale.

Key Innovations Highlighted

During the event, Subotiz unveiled several key innovations that capture the essence of its mission. Firstly, the platform's AI-driven automation predicts customer churn, triggers renewals, and enhances overall retention rates. This feature is pivotal for businesses striving to minimize customer attrition and maximize lifetime value. Secondly, Subotiz introduced next-generation payment solutions, which encompass over 200 payment methods available in 28 languages. The incorporation of AI-powered routing ensures higher success rates for transactions, thereby streamlining the user experience.

Moreover, Subotiz's Smart Checkout offers fully brandable, conversion-optimized flows that work seamlessly across devices, enhancing customer engagement and satisfaction. The emphasis on compliance-driven growth further solidifies Subotiz's reputation in the market, as it addresses GDPR requirements and cross-border regulations effectively. With a presence in over 200 markets and a remarkable track record of processing more than 60 million cross-border payment orders, Subotiz is poised to redefine the landscape of subscription-based payment solutions.

Subotiz’s debut at MONEY20/20 Middle East signifies a pivotal moment for the fintech industry. As Jeff Li, the CEO of Subotiz, aptly stated, "We are proud to present a full-stack solution that empowers digital pioneers in SaaS, AI tools, Web3, and entertainment applications to grow faster and more securely." With its innovative offerings, Subotiz is not merely entering the fintech space; it is set to lead the charge toward a more efficient, AI-driven future for digital businesses.