The acquisition will enable T2 to enter the fintech market of Saudi Arabia and expand its range of services and solutions to offer broader options.
T2 chose Moola because it provides an expense management platform which will help the fintech expand into the financial services sector of Saudi Arabia and beyond. The integration aligns with T2’s vision to acquire tech products and provide its partners with a wider range of solutions.
Moola enables businesses to efficiently manage expenses and automate financial processes with transparency by providing solutions such as corporate business cards. The acquisition enables the startup to improve its services, support more businesses in optimising their financial operations, and expand.
One area that Saudi Arabia is focusing on is financial services, with the country being committed to creating a thriving fintech hub by 2030. In 2022, the 89 fintechs in Saudi Arabia generated USD 746.4 million, and this increased to over 200 by the end of 2023. That compares to just 10 in 2018 and this also indicates a 300% increase in the sector from 2021.
Saudi Arabia has set up Fintech Saudi to help coordinate the country’s efforts. An initiative from the Saudi Central Bank and the Capital Markets Authority, it sits in the middle between government entities, regulators and the private sector, and helps fintechs navigate the different requirements they need to set up in the country.
On its current trajectory, Saudi Arabia is projected to achieve its goal of 525 fintechs operating by 2030, supported by over USD 3.253 billion in direct venture capital. Investments in fintech startups in the MENAP region increased from USD 200 million in 2020 to approximately USD 704 million in 2023.
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