DIFC-based fintech firms net $559m in funding during Jan-Sep 2022

Fintech firms based in the Dubai International Financial Centre (DIFC) have secured more than Dhs2bn ($559m) in funding between January and September 2022, according to DIFC FinTech Hive’s 2022 FinTech report.

Meanwhile, the number of fintech and innovation firms that joined DIFC during the first nine months of the year exceeded the total that established operations during 2021.

Amongst that number were graduating startups from this year’s DIFC FinTech Hive programme cohort.

The fintech accelerator programme has now attracted over 3,000 applications from all over the world, which has scaled down to 200 participants, based on their ideas and ability to generate revenue.

Meanwhile, funding activity for fintech nearly doubled in 2021, while startups in MENA raised $998m in 2021, posting a 78 per cent increase from 2020.

#DIFC reaffirms its position as a global #FinTech and #innovation hub by bridging the gap between innovation firms seeking a gateway to the #MEASA region.

Read more: https://t.co/TB8PfSVCwA pic.twitter.com/52FmCAQDAx

— DIFC (@DIFC) December 6, 2022

DIFC said in a statement on Tuesday that it is currently seeing elevated levels of interest from fintechs in Singapore, Southeast Asian and Asia-Pacific markets.

Initiatives, such as the new long-term Golden Visa options,  incentives for tech entrepreneurs and the five-year Green Visa for freelance professionals are helping attract international talent in the sector, the centre added.

The country holds the top spot in Middle East and North Africa and ranks 22nd globally in the 2020 INSEAD Global Talent Competitiveness index. Meanwhile, Dubai sits amongst the top three cities for expats to live in globally, along with Miami and Lisbon.

“In recent years, DIFC has remained at the forefront of innovation, attracting more than 600 startups, growth stage companies and unicorns to Dubai,” said Arif Amiri, CEO of DIFC Authority.

“These businesses are now making a sizeable contribution to our economy. To continue building momentum, it is the right time for us to strengthen our offerings by bringing more innovation propositions together under a new leader.”

The centre launched the region’s first open finance lab, a six-month programme that commenced on June 28.

Read: Dubai’s DIFC launches region’s first open finance lab