Bahrain’s startup ecosystem has generated USD 1.2 billion between July 2021 and December 2023, with fintech taking the lead in attracting investments, supported by Bahrain FinTech Bay and the Central Bank of Bahrain. The country remains committed to fostering its tech ecosystem with investments in startups like Unipal and Calo.
In 2023, major players such as Tamkeen, Tenmou, and Hope Fund provided vital support to the startup scene. Bahrain’s open innovation programs, such as the partnership between Tamkeen and Aluminium Bahrain (Alba), focus on connecting startups with enterprises to address challenges and drive sustainability.
The fintech sector in Bahrain continues to grow, with the upcoming Fintech Revolution Summit in February 2025 showcasing innovations in e-payment systems, cybersecurity, and payment gateways. Bahrain FinTech Bay also partnered with the National Bank of Bahrain for the Digital Banking Challenge, helping selected teams transform ideas into viable digital banking solutions. Additionally, the MENA Innovation Academy, a partnership between Reboot Coding Institute and Bahrain FinTech Bay, is cultivating talent in fintech, insurtech, and digital transformation.
In the broader tech sector, Bahrain is seeing significant developments. Calo, a Bahraini food-tech startup, raised USD 25 million in Series B funding, aiming to expand globally and target an IPO in Saudi Arabia by 2027. Meanwhile, Unipal, an EdTech startup, secured pre-Series A funding to expand its student discount platform across the region.
Bahrain’s dedication to funding, talent development, and strategic partnerships continues to fuel its success in fintech and tech startups, with promising prospects for 2025.
