Startups across the Middle East and North Africa raised $1.1 billion in September 2026, almost three times August’s total, with Saudi Arabia reclaiming the regional lead on the back of large fintech rounds for Barq, Tabby and Lendo.
A sharp monthly rebound
Venture funding in the MENA region climbed to $1.1 billion across 73 deals in September, according to the monthly report compiled by Wamda in collaboration with Digital Digest. The figure represents a 193 per cent increase on August, but remains 68 per cent below the level recorded in September 2025.
September’s contribution lifted total funding for the third quarter of 2026 above $1.7 billion. That compares with $1.7 billion raised across 242 rounds in the whole first half of the year, a period in which funding was down 18 per cent year on year, according to the same data reported by Wamda and Arab News.
Three deals, 70 per cent of the capital
The headline number was heavily concentrated. Three Saudi fintech transactions accounted for $762.5 million, close to 70 per cent of all the capital deployed in the region during the month.
The largest was a $329.5 million Series A for Barq, a Saudi digital payments platform. The round, backed by Noon Investments, Sohar International Bank and M20 Fund, valued the company at $1.85 billion, making it the Kingdom’s newest unicorn. Barq says it has more than 15 million users and has processed over SR440 billion since launch, and plans to use the money to develop new products, improve efficiency and expand into regional and international markets.
Fellow Saudi fintech Tabby followed with a $233 million Series F, while Lendo secured $200 million in debt financing.
Equity takes a bigger share
One notable shift was in the mix of capital. Debt represented 31.7 per cent of September’s total, compared with 76 per cent a year earlier, meaning equity rounds made up a far larger share of the headline figure. Six transactions in the month were classified as debt.
Saudi Arabia back on top
Saudi Arabia regained first place in the regional ranking, with 40 startups raising a combined $947.2 million, or about 86 per cent of all MENA funding. Fintech made up 86 per cent of the capital raised in the Kingdom.
The UAE slipped to second place with $98.4 million across 12 deals, with five fintech companies accounting for 71 per cent of that amount. Egypt returned to the top three after recording no funding in August: seven Egyptian startups raised $49.2 million, of which payments company Paymob’s $35 million pre-Series C round represented about 71 per cent.
Fintech leads the sector table
By sector, fintech was the clear leader, with 20 companies raising $930.6 million, about 85 per cent of the regional total. Proptech came second with $50.2 million across three deals, followed by travel technology with $25.2 million across two transactions.
Early-stage deals lead by count and value
Early-stage startups attracted the most money and the most deals, raising $418.2 million across 39 transactions. Five later-stage companies raised $288 million, while 23 deals were recorded with an undisclosed stage.
Business-to-business companies raised $457.7 million across 47 deals, ahead of business-to-consumer startups at $406.4 million.
Gender gap persists
The data also points to a wide funding gap by founder gender. Male-led startups raised about $1 billion in September, compared with $7.3 million for mixed-gender founding teams and $2.4 million for female-founded companies.
What it means
The September figures show how a handful of large rounds in a single market can swing the regional total from month to month. While the rebound restores momentum after a quiet August, the year-on-year decline and the dependence on Saudi fintech suggest that broader-based deal activity across sectors and countries has yet to return to last year’s levels.