Saudi Arabia’s startup ecosystem attracted major financing announcements between January 1 and October 17, 2026, with fintech accounting for most of the value represented in this ranking. The ten selected transactions totaled approximately US$807.65 million and involved payments, banking infrastructure, enterprise software, construction procurement, and corporate travel technology. The selection includes equity rounds, mixed equity-and-debt packages, and strategic financing, with the different funding structures distinguished throughout.
Fintech Concentration and Mixed Financing Shape the Ranking
barq and Tabby Account for Nearly 70% of Financing
barq’s US$329.5 million Series A and Tabby’s US$233 million Series F together account for US$562.5 million, or approximately 69.6% of the financing in this ranking. The other eight transactions total US$245.15 million, with individual amounts ranging from US$22 million to US$50 million. The combined total is therefore heavily influenced by two large transactions rather than an even distribution of capital across the ten companies.
Fintech Leads Even Without the Two Largest Transactions
Fintech accounts for seven of the ten entries and US$708.5 million, representing approximately 87.7% of the combined financing. Its prominence extends beyond barq and Tabby: excluding both companies, the remaining five fintech transactions total US$146 million, or approximately 59.6% of the remaining funding. These businesses span open banking, banking infrastructure and consumer and business financing. COFE Tech, BRKZ and FlyAkeed provide the three non-fintech entries, covering enterprise procurement and commerce software, construction procurement and corporate travel technology.
Three Mixed Financing Packages Represent One-Tenth of the Total
BRKZ, FlyAkeed and Arib collectively account for US$79.65 million, or approximately 9.9% of the ranked financing, through packages combining investment capital with debt. BRKZ separately disclosed US$13 million in equity and a US$18 million debt commitment, while FlyAkeed and Arib did not publish numerical splits. The US$79.65 million represents the full value of these packages, not their debt components. Their inclusion broadens the ranking beyond equity fundraising and means headline amounts should not be treated as directly comparable measures of new equity investment.
The Startups Behind Saudi Arabia’s Largest Reported Funding Rounds
barq
Amount: US$329.5 million | Stage: Series A | Sector: Fintech
barq closed a US$329.5 million Series A backed by Noon Investments, Sohar International Bank, and M20 Fund. The financing valued the Riyadh-based payments company at US$1.85 billion. It was the largest announced financing in this ranking.
Founded in 2023, barq provides digital payments and money transfers through an app licensed by the Saudi Central Bank. The company reported surpassing 15 million users within two years of launching its services. It plans to use the capital for product development, operational improvements, and expansion into regional and international markets.
Tabby
Amount: US$233 million | Stage: Series F | Sector: Fintech
Tabby announced a US$233 million Series F on September 14, 2026, led by Blue Pool Capital, with participation from HSG, Wellington Management, and Arbor Ventures. The financing valued the company at US$6.5 billion and included a liquidity option for employees. At the time of the announcement, the transaction remained subject to regulatory approvals, including approval from the Saudi Central Bank.
Headquartered in Saudi Arabia, Tabby is expanding beyond buy now, pay later into consumer credit, business financing, and money management in Saudi Arabia and the UAE. The company reported 25 million registered users and more than US$18 billion in annualized transaction volume. The financing is intended to support that expansion, although the announcement did not quantify the primary and employee-liquidity components separately.
Tarabut
Amount: US$50 million | Stage: Undisclosed | Sector: Fintech
Tarabut announced US$50 million in strategic financing on September 9, 2026, from investors including Riyad Bank, the X-Tech Fund managed by SAB Invest, GIB Saudi Arabia, Zamil Group, and Kanoo Ventures. The announcement did not specify a conventional funding stage or financing instrument. The transaction remained subject to relevant regulatory approvals, including approval from the Saudi Central Bank, when announced.
The open-banking and embedded-finance company connects financial institutions with financial data and services for businesses and consumers. Its platform supports financial verification, credit assessment, and access to financing through partner institutions. The strategic financing is intended to deepen Tarabut’s presence in Saudi Arabia and support the expansion of its financial infrastructure services.
COFE Tech
Amount: US$43 million | Stage: Pre-IPO | Sector: Enterprise Technology
COFE Tech announced a reported US$43 million pre-IPO financing round in September 2026 at a reported US$178 million company valuation. Wa’ed Ventures, Aditum Investment Management, Masarrah Investment Company, and Alyasra Foods co-led the round. The company has stated an ambition to list on the Saudi Exchange by 2029.
Founded in Kuwait and now headquartered in Riyadh, COFE Tech has expanded from a consumer coffee marketplace into an enterprise procurement and commerce platform. Its technology helps business customers manage purchasing, inventory, and digital commerce. The company reported serving more than 1,000 clients across 3,000 outlets in Saudi Arabia, Kuwait, and the UAE.
BRKZ
Amount: US$31 million | Stage: Series B | Sector: Construction Technology
BRKZ announced a US$31 million financing package on September 14, 2026, consisting of US$13 million in Series B equity and a US$18 million growth-debt commitment from Stride Ventures. Wa’ed Ventures and 500 Global co-led the equity round, with participation from BECO Capital and anb Seed Fund. The debt commitment forms part of a previously announced US$30 million facility rather than a separate new facility.
The Riyadh-based startup operates a procurement platform connecting construction companies with suppliers of building materials. Its services include sourcing, delivery coordination, and flexible payment arrangements for businesses. The announced financing is intended to advance AI-supported quotations and pricing, international sourcing, and integration across procurement and delivery workflows.
Madfu
Amount: Approximately US$25.5 million (more than SAR 95 million) | Stage: Pre-Series A | Sector: Fintech
Saudi fintech Madfu raised more than SAR 95 million, reported as approximately US$25.5 million, in a Pre-Series A round. Afaq Capital and angel investors participated in the financing. The capital is intended to support operational expansion and the development of additional payment products.
Madfu provides buy now, pay later services that allow consumers to spread purchases across installment payments. Its platform also serves merchants seeking to offer flexible payment options at checkout. The company plans to expand merchant partnerships and strengthen its technology as its Saudi operations grow.
FlyAkeed
Amount: US$25.15 million (SAR 94.3 million) | Stage: Undisclosed | Sector: TravelTech
FlyAkeed announced SAR 94.3 million (US$25.15 million) in growth financing on September 2, 2026, comprising equity and Murabaha sukuk financing. Sanabil Investments led the equity investment, with participation from Artal Capital, tali ventures, and Aljazira Capital, while Artal Capital led the sukuk component. The company did not disclose a numerical breakdown between the equity and debt components.
The Riyadh-based platform combines corporate travel bookings, approvals, spending policies, and financial reconciliation. Its financing is intended to support an embedded deferred-payment service for enterprise travel customers. That service would allow businesses to arrange travel and settle invoices on more flexible terms within the same platform.
Stitch
Amount: US$25 million | Stage: Series A | Sector: Fintech
Stitch raised US$25 million in a Series A led by Andreessen Horowitz, with participation from Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. The investment brought the company's total reported funding to US$35 million. It also marked Andreessen Horowitz’s first investment in the Gulf Cooperation Council region.
Stitch provides modular software covering lending, cards, payments, and financial ledgers for banks and other financial institutions. Its platform is designed to help these organizations modernize legacy technology without replacing every system simultaneously. The funding will support product development, growth across the GCC and MENA, and international commercial operations.
Arib
Amount: US$23.5 million | Stage: Undisclosed | Sector: Fintech
Arib announced a US$23.5 million investment round on May 18, 2026, led by Merak Capital alongside other investors. The financing package includes Shariah-compliant Murabaha facilities. Neither a conventional funding stage nor a numerical split between the financing components was publicly disclosed.
The Saudi digital brokerage platform helps individuals and businesses compare financing offers from banks and financing companies. Customers can review options and submit financing applications through its digital service. The investment is intended to expand Arib’s product range, strengthen its technology, and support its operational capabilities across Saudi Arabia.
erad
Amount: US$22 million | Stage: Series A | Sector: Fintech
erad raised US$22 million in a Series A led by MEVP, with new participation from SVC, 500 Global, S60 Ventures, ANB Capital, Conjunction Capital, and Araya Ventures. Existing investors including Khwarizmi Ventures, Nuwa Capital, and Aljazira Capital also participated. The round was the smallest announced financing included in this ten-company ranking.
The Riyadh-based startup provides Shariah-compliant working-capital financing to small and medium-sized businesses, using cash-flow data and AI-supported underwriting. Its services address funding needs related to inventory, purchasing, and other business operations. The company plans to use the financing to develop additional products, expand across the GCC, and grow its technology and commercial teams.
Methodology
This review covers publicly disclosed startup financing transactions first announced between January 1 and October 17, 2026. Geographic eligibility follows a company's current primary startup ecosystem, assessed through headquarters, substantive operations, and established market presence in Saudi Arabia. Companies founded elsewhere may qualify when Saudi Arabia has become their primary ecosystem, but a Saudi office or customer base alone is insufficient.
The ranking covers independently founded private startups and includes equity rounds, mixed equity-and-debt packages, and strategic financing. Transactions are ordered by total announced financing value, including associated debt commitments and secondary components when they form part of an otherwise eligible package. The financing components are distinguished where public disclosures provide a breakdown.
Standalone debt facilities, secondary-only transactions, public-market offerings, acquisitions, standalone grants, corporate-created or controlled subsidiaries, and transactions without a disclosed amount are excluded. Transactions subject to regulatory approval are included and identified as such. Where a new debt commitment falls within an existing facility, the facility's full announced amount is not counted again.
Amounts are presented in U.S. dollars, with original currencies and contemporaneous published approximations retained where relevant. Conventional financing stages are used when publicly reported; otherwise, the stage is classified as Undisclosed. erad's US$22 million Series A sets the cutoff for the ten transactions shown here.
The ten selected financing announcements represented approximately US$807.65 million, with barq and Tabby accounting for 69.6% of that total. Fintech contributed seven of the ten entries and approximately 87.7% of the announced financing, while enterprise software, construction procurement, and corporate travel accounted for the remaining three companies. Because the ranking includes mixed equity-and-debt packages, possible employee liquidity, and announcements subject to regulatory approval, its aggregate reflects reported transaction values rather than exclusively new equity capital already received by startups.