Fintech startups compete in the growing Middle East market

The small financial technology, or fintech, sector in the Middle East is expected to grow from about 100 startups in 2015 to as many as 250 by 2020, according to a new report.

The growth is driven by the region’s high percentage of unbanked adults and low levels of small business lending from traditional institutions.

Half of today’s fintech startups are based in the United Arab Emirates, but the Fincluders Startup Challenge in Amman, Jordan from May 3-4 may help change that.

The impact investing fund SANAD, based in Luxembourg, is hosting the competition, which is modeled on the Fincluders Competition in Berlin held in November.

Ventures with promising financial inclusion ideas will be eligible for a $15,000 prize, training and mentorship.

This post originally appeared in ImpactAlpha's daily newsletter. Get The Brief.

Photo credit: Big Stock

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