Fintech’s Female Factor: How Women Are Reshaping Finance In The KSA And Beyond

The ascension of Saudi Arabia’s fintech industry is a story of transformation. Under the sweeping ambitions of Vision 2030, the Kingdom has positioned itself as one of the fastest-growing hubs for financial technology in the MENA, with its eyes firmly fixed on the global stage. Alongside this growth comes a striking development: more women are entering this workforce, be it by leading boardrooms, or by launching cutting-edge startups.

All of this is thanks to the Kingdom’s top-down reforms, which have accelerated women’s participation across industries. According to Saudi Arabia’s General Authority for Statistics (GASTAT), the female labor force participation rate jumped from 22 percent to 35 percent in recent years (which already exceeds the target set in the country’s Vision 2030), while research by Endeavor Insight has revealed that women now account for 28 percent of the nation’s tech workforce, a figure higher than the European average of 19 percent. At the same time, government agencies like the Ministry of Human Resources and Social Development and the Saudi Central Bank (SAMA) have been advancing policy reforms, alongside education and mentorship programs that encourage female employment and leadership, all of which is aimed at building a pipeline of women in positions of influence.

For those working inside the fintech ecosystem, this momentum is visible on the ground. Dalia Kamar, Head of Investor and Startup Programs at KSA-based global events company Tahaluf, has sat on both sides of the table: as a founder raising capital, and as an investor backing startups and structuring access to highly sought after private market deals. Today, she builds and leads strategic initiatives for Tahaluf’s top events, including Money20/20 Middle East and LEAP, and from this vantage point, Kamar sees real opportunity for women in the field.

“There’s a growing window for women in fintech here in the Kingdom, and those stepping in are already shaping the future of finance,” Kamar says. “What’s remarkable about the Saudi market is how fast it’s evolving, and how much room there is to grow and lead. Globally, women influence/ control over 80 percent of consumer financial decisions, yet fintech has historically been designed with men in mind. Female founders spot overlooked gaps and build solutions that resonate with underserved segments."

Dalia Kamar, Head of Investor and Startup Programs at Tahaluf. Image courtesy Tahaluf.

For Kamar, these aren’t just abstract ideas—they’re patterns she’s seen firsthand in the market, and the numbers tell the same story. “We saw this at 24Fintech—now Money20/20 Middle East—where women made up 22 percent of investors and 20 percent of startup founders/co-founders,” she points out. “Some of us call these women the triple threat: female, fintech, founder. Each one powerful on its own, but together, a force. What makes the biggest difference is intentional inclusion, where women aren’t just invited to the table, but programs are designed for them– from limited/general partner participation to access to tailored funding, mentorship, and ecosystem policies. In my own work, I’ve advocated for more inclusion, and we’ve seen the returns—more diverse cap tables, sharper innovation, and greater market empathy. We don’t select women just to fill a quota; we spotlight them because they deliver and earn it.”

This drive for intentionality resonates across the industry. Kinga Swiderska, Head of Production, Tahaluf, agrees with her colleague Kamar, and echoes the importance of designing ecosystems where women can thrive. “Fintech isn’t just an industry; it’s a movement that is redefining how money flows, how trust is built, and how access to financial services is democratized,” Swiderska says. “Saudi Arabia, with its Vision 2030, is undergoing unprecedented transformation, and women are at the heart of this change. In fintech specifically, I see opportunities across leadership, entrepreneurship, and technical innovation. Women are launching startups, influencing regulatory frameworks, and designing customer-centric products that address the needs of diverse communities. When women have both structural support and visible role models, the ripple effect is profound.”

Women At The Helm 

Women may be making inroads across fintech, but leadership remains the toughest frontier—less than five percent of businesses in the MENA financial sector are women-led, compared to a global average of 23–26 percent, according to a report released by the intergovernmental organization UFM Secretariat.

But this makes it all the more important to showcase the achievements of women in this space who are paving the way for others, and events like Money20/20 Middle East are doing exactly that. “At Money20/20 Middle East this year, we are proud to spotlight the achievements of many female founders and fintech leaders,” Swiderska says. “From thought-provoking discussions across the eight stages to dynamic networking events, women leaders will be at the forefront of driving the conversation and showcasing how the industry is evolving.”

Kinga Swiderska, Head of Production, Tahaluf. Image courtesy Tahaluf.

And even as this kind of visibility is critical, there’s a parallel shift happening inside the Kingdom’s fintech ecosystem itself, with women reshaping the narrative from within. Huda Al Mousa, Country President for Saudi Arabia at payments infrastructure company PayTabs, can testify to this. “We’re at a truly historic inflection point,” Al Mousa says. “In Saudi Arabia, women are no longer just participating, but helping lead fintech initiatives. The Vision 2030 agenda has opened doors for women across sectors, but fintech is especially fertile ground because it thrives on new thinking, diverse teams, and problem-solving mindsets. At PayTabs, we’ve walked the talk. We maintain a 50:50 gender ratio, and we’ve eliminated disparities, because we believe inclusion is a practice. I’ve seen first-hand how mentorship programs, flexible work models, and visible female leadership make a difference. When young women see someone like them at the table, it changes what they believe is possible.”

According to Melike Kara Tanrikulu, CEO of e& Money, the financial technology arm of UAE-based tech conglomerate e&, such change is part of a regional surge in this domain. “The fintech sector in Saudi Arabia and across the MENAP is on a sharp growth trajectory,” she says. “McKinsey estimates that revenues in the region are set to nearly triple from US$1.5 billion in 2022 to $3.5–4.5 billion by the end of 2025 — a trend that is clearly playing out today. This growth is being driven by shifting consumer behavior toward cashless payments, supportive government initiatives like Saudi Arabia’s Vision 2030, strong investor interest in startups, and the rapid adoption of digital financial services. With governments prioritizing digital transformation and regulators building supportive frameworks, there has never been a better moment for women to be part of this momentum.”

This sentiment is echoed by others across the ecosystem. Priyanka Nazeer, Commercial Director at Tahaluf, observes, “The fintech sector in Saudi Arabia and the wider region is evolving at a remarkable pace, opening up great opportunities for women to step into leadership, innovation, and entrepreneurship roles. The opportunities today are multi-dimensional. On the entrepreneurial side, women are entering the startup ecosystem in record numbers, supported by accelerators, incubators, and government-backed funding initiatives. On the professional side, banks, regulators, and fintech companies are actively integrating women into leadership roles, recognizing the value of diversity in driving innovation. Add to this the region’s young, tech-savvy population and a strong appetite for digital solutions, and it’s clear that the space for women in fintech is only expanding.”

Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at global payments leader Visa, agrees with Nazeer’s notes on the ecosystem, with her pointing out the critical role structural reforms have played in getting to this point. “The opportunities for women in fintech today are greater than ever,” Dr. Jaffar says. “Saudi Arabia’s Vision 2030 has already transformed the landscape, with female workforce participation rising from 22 percent to 35 percent in just a few years. As digital transformation becomes more widespread across financial services, women are taking on new roles and leading in areas that are defining the future of fintech.”

Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at Visa. Image courtesy Visa.

Adding a broader perspective, Dr. Basma AlBuhairan, Managing Director of the Centre for the Fourth Industrial Revolution (C4IR) in Saudi Arabia, highlights the longer-term systemic impact she has observed through her role at the think tank. “Undoubtedly, the past decade has witnessed a significant expansion in female participation in the workforce, alongside a notable rise in women-led entrepreneurship, which has a tangible impact on women working within fintech,” Dr. AlBuhairan says. “In 2023, it was estimated that women led approximately 45 percent of SMEs in Saudi Arabia, many of which were technology-enabled or fintech-driven. This transformation is strongly underpinned by Vision 2030’s Fintech Strategy, a cornerstone of the Financial Sector Development Program. The Strategy seeks to position Saudi Arabia as a regional fintech hub, with ambitious targets including the establishment of 525 fintech companies by 2030, and an increase in cashless transactions to 70 percent by 2025. This strategic focus is unlocking a wealth of opportunities for women, notably in terms of access to capital and credit, digital entrepreneurship, and diverse career pathways in the evolving financial landscape."

e& money’s Tanrikulu agrees, pointing out that fintech is opening doors on multiple fronts. “As consumers, women benefit from safe, private, mobile-first solutions that give them greater independence in managing money,” she explains. “As entrepreneurs, they are increasingly able to access microfinance tools that were previously out of reach. For example, U Microfinance Bank in Pakistan and Erada Microfinance in Egypt—both part of e&’s wider ecosystem—are expanding access to loans, savings, and digital payment solutions for micro and small businesses, many of which are women-led. At the same time, workplace initiatives such as mentorship, leadership programs and policies that support flexible working are helping women thrive within the industry itself. Combined with the scale of fintech growth in markets like Saudi Arabia, these factors are creating a unique opportunity for women to both shape and benefit from the sector."

Unlocking Capital 

Beyond representation, access to capital is a hurdle for women in fintech. The funding gap is definitely stark. A Wamda report from July 2025 revealed that while fintech startups in the MENA raised US$61 million across 11 transactions, female-led startups attracted just $3 million across eight deals. In comparison, startups founded by men raised $774.5 million across 43 deals, while mixed gender teams secured $5.8 million. This disparity is not new but a continuing trend: Wamda had also pointed out that between January and September 2022, only two percent of the $2.4 billion raised in the MENA went to women-founded startups.

Global data highlights why addressing this imbalance is not just about fairness, but about economic sense. A 2025 analysis by First Round Capital showed that companies with at least one female founder performed 63 percent better than their all-male founding teams. Similarly, a report from consulting firm McKinsey found that companies with gender-diverse executive teams are 39 percent more likely to be profitable. Encouragingly though, in Saudi Arabia, strategic efforts are in place to bridge this gap, with C4IR Saudi Arabia’s Dr. AlBuhairan highlighting several examples.

Dr. Basma AlBuhairan, Managing Director of the Centre for the Fourth Industrial Revolution (C4IR) Saudi Arabia. Image courtesy C4IR Saudi Arabia.

“Targeted initiatives and partnerships are empowering women to thrive in technology and financial innovation,” she says. “For example, the Standard Chartered Women in Tech program, in collaboration with Falak Investment Hub, provides female tech entrepreneurs with funding, mentorship, and incubation, and many of the supported ventures there are fintech-based. Similarly, Blossom Accelerator, which was the first female-focused technology accelerator in Saudi Arabia, was instrumental in supporting women-led startups, including those operating in the fintech space.”

PayTabs’ Al Mousa adds that she too has noticed more incubators and accelerators in the Kingdom actively recruiting women founders and fintech innovators, noting initiatives like Fintech Saudi’s bootcamps or SAMA’s support for women-led fintech startups. And programs like these do lead to identifiable success—something Visa’s Dr. Jaffar can personally attest to. “An initiative that stands out for its impact is Visa’s She’s Next,” she shares. “For over three years, the program has supported women founders across various sectors with funding, mentorship, and national exposure, and a strong peer community. By aligning national policy momentum with private-sector initiatives like She’s Next, we’re building an ecosystem where women can lead with confidence and shape the future of fintech.”

Trade events are also proving to be powerful platforms for visibility and access to investors, notes Tahaluf’s Nazeer. “Industry platforms like Money20/20 Middle East also play a crucial role in this journey,” she says. “By bringing together global leaders, investors, and innovators, these events give women founders and professionals access to the networks, visibility, and opportunities they need to thrive. The future of fintech in Saudi Arabia and across the region is being shaped by inclusion and innovation. It has been encouraging to see women-led fintech startups take centerstage at these gatherings.”

Fintech's Next Chapter 

While women remain underrepresented as fintech consumers, with just 21 percent using fintech products compared to 29 percent of men, according to the Switzerland-headquartered Bank for International Settlements, there are signs the gap is narrowing. As new products evolve, women are increasingly becoming market shapers and trendsetters, and they are also driving demand for more inclusive solutions.

One of the most transformative forces in this shift is artificial intelligence (AI), with PayTabs’ Al Mousa noting that it is essentially reshaping the fintech experience. “In Saudi Arabia, we’re already seeing platforms like Nafath integrate face and fingerprint authentication into everyday applications,” Al Mousa shares. “When you combine that with AI-driven fraud detection, you move from reactive protection to proactive intelligence. But beyond the technology, what excites me is the inclusivity it enables. With voice-based payments, embedded payments, and invisible transactions, we’re designing a future where fintech becomes second nature seamless, intuitive, and accessible to everyone, regardless of tech literacy. That, to me, is the real revolution.”

Huda Al Mousa, Country President for Saudi Arabia at PayTabs. Image courtesy PayTabs.

Visa’s Dr. Jaffar echoes the transformative role of AI, but also points to the emergence of other technologies that are powering the future of fintech. “What excites me most today is the role of AI in reshaping so many parts of life, including fintech,” she says. “It’s transforming the way we build financial services for everyone. But it is not a new concept for us. We have invested more than $3 billion in AI over the past decade, and launched three new AI-powered solutions that protect transactions across the board. But the new chapter is how AI is moving beyond protection into redefining the customer experience. One of the most exciting shifts is agentic commerce. The idea that you could trust an AI to buy your groceries, book your travel, or even choose a birthday gift is no longer science fiction. It’s happening now. The real innovation isn’t just the AI itself, but the infrastructure being built to make these transactions seamless and secure. That’s where Visa comes in, making sure these AI agents can pay on your behalf, safely, and with the right controls in place.” Dr. Jaffar also highlights stablecoins as another big development. “They combine the stability of traditional currencies with the speed of crypto, opening the door for faster and more global payments,” she explains. “Visa is building the rails for this too, so that stablecoins can move securely across our network, power digital wallets, and even be spent anywhere Visa is accepted.” 

Running parallel to the rise of AI is the advent of embedded finance, a trend that experts see as revolutionary, with Tahaluf’s Swiderska highlighting its ability to create invisible, seamless experiences for consumers. “We’re entering a world where financial services are no longer stand-alone products, but integrated into the daily touchpoints of people’s lives, whether that’s e-commerce, mobility, or even social platforms,” Swiderska says. “For a region like the Middle East, with its young, digital-first population and ambitious economic transformation agendas, this trend holds enormous potential to unlock new business models and expand financial inclusion.” C4IR Saudi Arabia’s Dr. AlBuhairan agrees with this sentiment, highlighting the scale of the embedded finance revolution and its enablers in the Kingdom. “A fintech trend to observe now is embedded finance, which integrates payments, lending, and insurance into everyday platforms,” she says. “It has been reported that this market could reach $7.2 trillion globally by 2030, and $37.7 billion in the MENA.”

Dr. AlBuhairan adds that in Saudi Arabia, there are several policies and ecosystem support mechanisms already in place to enable this future. For instance, SAMA introduced its Open Banking Framework in November 2022, which was followed by the launch of the Open Banking Lab in January 2023. The framework sets out legislation, regulatory guidelines, and technical standards to guide the development of open banking services. Meanwhile, the lab offers an environment where banks and fintechs can develop, test, and certify their solutions to ensure compliance with the framework. Even as its purpose is to foster innovation and speed up the rollout of open banking in Saudi Arabia, it’s worth noting that SAMA’s Regulatory Sandbox has already approved more than 89 fintech startups—from over 500 applications—since 2018.

This push to integrate financial services into people’s daily lives is playing out across the region. e& money’s Tanrikulu says, “With e& money, people can send money instantly across borders, pay bills, shop with secure digital cards, or top up mobiles. These services are particularly impactful for migrant workers and low-income groups who have historically been excluded from the banking system.” Here, she highlights a recent milestone: e& money’s partnership with the UAE Ministry of Human Resources and Emiratization and the Central Bank of the UAE to extend wage protection to domestic workers for the first time. This enables safer, more reliable digital salary payments, replacing cash. Looking ahead, she mentions services such as digital gold management and micro-lending, combined with AI-driven onboarding, smarter credit scoring and real-time fraud detection. “Our vision has been and will always be to make financial services accessible to every UAE resident in 30 seconds,” Tanrikulu says. “For me, the true innovation is when these tools create real impact in people’s daily lives.”

Melike Kara Tanrikulu, CEO of e& Money. Image courtesy e& Money.

The opening up of access to capital markets is also opening new opportunities in fintech, as per Tahaluf’s Kamar. “The fintech movements I’m most excited about today are the rise of private credit, asset-backed financing, and the democratization of access to private markets,” she explains. “By opening alternative funding channels beyond traditional equity and making these opportunities accessible to new classes of investors, we’re fueling a more inclusive, dynamic ecosystem. It’s reshaping how innovation is funded and who gets to participate.”

Meanwhile, her Tahaluf colleague, Nazeer, sees fintech’s greatest power in its capacity for inclusion and collaboration. “As the Commercial Director of Money20/20 Middle East, I’ve had the privilege of meeting incredible people, regulators shaping the future, founders with innovative ideas, investors, and financial institutions eager to innovate,” she says. “What excites me most is how these different voices come together, each one adding a layer to the story of fintech. We are in the middle of these conversations, helping create a platform by Money2020 MiddleEast where ideas turn into partnerships, which is something I truly value. Fintech, for me, is more than just technology or disruption. It’s about inclusion, how a small startup can change the way payments are made in remote towns, or how AI and digital platforms can help people access financial services they were once excluded from. It’s about real impact on real lives, and that’s what keeps us inspired.”

The Road Ahead

As more and more women enter the fintech landscape, advice from today’s leaders can be instrumental in paving the way for the next generation of female innovators in this space. C4IR Saudi Arabia’s Dr. AlBuhairan, for instance, insists that the journey forward is about both confidence and capability. “Women in fintech are no longer on the periphery, but central to driving innovation, inclusion, and meaningful impact,” she says. “The convergence of supportive policies, strategic investment, and grassroots empowerment initiatives is creating a fertile ecosystem for women to thrive. Building confidence and being unafraid to fail and try again is vital for breaking new ground. Success hinges on cultivating foundational skills like data literacy, coding, and cybersecurity, and embracing the fact that fintech now welcomes not just finance professionals, but technologists, designers, strategists, and creative innovators from all backgrounds.”

Here, Dr. AlBuhairan adds that for long-term achievement, women should engage actively with support networks, mentorship programs, and accelerators that nurture business acumen and foster powerful relationships. This approach, according to her, will empower women to fully participate in and shape the broader fintech ecosystem, demonstrating that leadership and influence in this domain are well within reach. Tahaluf’s Nazeer agrees with Dr. AlBuhairan’s emphasis on the importance of community. “My advice is simple: be bold, stay curious, lean on your community, and believe that you truly belong in this space,” she says. “Some of the best opportunities in fintech come from the people you meet, mentors who guide you, peers who inspire you, and communities that supports you. Be open to conversations and make the most of events; they’re the perfect chance to connect with the entire ecosystem. Don’t hesitate to reach out to people you admire, you’ll be surprised at how collaborative and welcoming the industry can be. By joining fintech, you’re not only building your own growth story, but also helping shape a stronger, more inclusive financial system for others.”

Priyanka Nazeer, Commercial Director at Tahaluf. Image courtesy Tahaluf.

For her part, Tahaluf’s Kamar stresses on the value of action and mindset. “Get in the room, and don’t wait to be invited,” she declares. “Fintech is a frontier space, and this ecosystem moves fast and rewards those who show up with perspective and persistence. Build your network like an asset, seek out mentors and allies, and most importantly, don’t forget that being underestimated is a superpower if you know how to use it. We need more women shaping the future of finance—not just using it.

Similarly, PayTabs’ Al Mousa encourages aspiring founders in the fintech domain to take practical steps from the outset. “My first piece of advice is: start small, but start smart,” she says. “Don’t wait for the perfect moment. Focus on building a minimum viable product (MVP)—something valuable, functional, and testable. Gather feedback, adapt fast, and don’t be afraid to iterate. Secondly, surround yourself with people who get your vision. No founder, leader, or innovator succeeds alone. Seek mentors, build your tribe, and learn from those who’ve walked the path. And finally, own your space. Fintech is not just for coders or bankers. It’s for creatives, strategists, designers, and dreamers. Whether you’re building an app, designing a digital wallet, or launching a social-commerce business, your unique perspective is your superpower.”

Visa’s Dr. Jaffar adds to Al Mousa’s words by urging her female peers to remember that resilience and reciprocity go hand in hand. “My advice is to believe in your potential, even in spaces that may feel unfamiliar at first,” she says. “Fintech is a fast-moving industry, and success comes from curiosity, resilience, and the willingness to keep learning. Once you find your passion, commit to it, and don’t be afraid to ask questions as you go. Always remember that there is no substitute for hard work. Just as important, remember that success is never a solo journey. Surround yourself with people who will support you, challenge you, and guide you at different stages of your path. Different people will shape your path at different moments, helping you reach new and unexpected milestones. Lastly, remember the importance of giving back by mentoring and supporting others on their journeys. That is how meaningful growth happens, both for yourself and for those who will follow.”

For e& money’s Tanrikulu, the strength of fintech shall lie in how it touches everyday lives—and that’s where female perspectives will have a crucial role to play. “Whether it’s helping a shopkeeper accept digital payments or enabling a worker to send money home affordably, fintech is about inclusion and impact,” she says. “And women bring valuable insights and perspectives that are essential to these solutions. Be open to learning, seek out mentors, and don’t be afraid to take on challenges that push you forward. With the MENAP’s fintech sector expanding rapidly and governments actively supporting inclusion, there has never been a more exciting time for women to enter the field and make their mark.” And while Tanrikulu highlights how inclusion can shape outcomes on the ground, Tahaluf’s Swiderska points to the mindset that can allow women to thrive in such a fast-moving space. “Fintech thrives on solving real problems, and diverse voices are what make solutions truly innovative and inclusive,” she says. “Keep learning, because fintech is fast-moving, and being curious is your greatest asset."

This article first appeared in a special edition of Inc. Arabia created for Money20/20 Middle East in September 2025. To read the full issue online, click here.