Noha Gad

In the dynamic world of startups, founders chase breakthroughs amid fierce competition, while investors hunt for the next big opportunity in a sea of pitches. In recent years, we have seen a major shift as investing in startups is no longer limited to venture capital (VC) firms. It increasingly includes individual investors who use technological tools and data to steer capital directly into the startups they care about and believe in. Angel syndicates emerged as a game-changer, pooling resources to fuel innovation and deliver shared rewards.

What are angel syndicates?

An angel syndicate is an informal group of individuals and/or angel investors who pool their resources together to invest in startups, normally via a Special Purpose Vehicle (SPV), a separate company with its own balance sheet that can be established as a trust, a corporation, a limited partnership, or a Limited Liability Company (LLC).

Each member of the group may not qualify as a BA themselves, but together they have access to more opportunities. One or two investors may "lead" the syndicate.

These high-net-worth individuals invest some of their own money into startups, typically in exchange for equity. The total amount invested will probably be lower than funding from a VC firm or a bank; however, founders can receive cash much earlier compared to traditional funding routes or from bigger investors.

In addition to investing in early-stage deals, an angel syndicate allows a startup founder to deal with just one representative of the syndicate, rather than with 10 or 20 individuals.

How do angel syndicates work?

At the beginning, the syndicate lead must secure an allocation or a piece of the round. They do this from their source of deal flow, either from inbound interest from a founder or via cold outreach. Once leaders find a deal they deem worthy, they will bring it to the syndicate members to choose to collectively invest in the startup.

A syndicate lead can request more info, such as milestones reached, business model, market size, team, financial data, as well as the term sheet, to determine and regulate the relationship between investors once the investment vehicle has been materialized.

To close the deal, the SPV will be created, which will be the party that will execute the investment in the startup. The important decisions will be made by the leader. The expenses related to the creation of the investment vehicle are usually equally paid by the investors, regardless of the amount invested.

Benefits of syndicate investing

• Better deal access. By forming a syndicate, investors can pool their resources and invest a larger amount in each deal. Syndicating an investment this way is frequently required to gain access to the most competitive opportunities alongside VC firms, since founders may have high minimum investment requirements.
• Portfolio diversity. Syndicate investing allows angels to build larger portfolios. By investing with an angel syndicate and increasing portfolio size, investors can significantly increase the probability of tripling or quintupling their invested capital across the entire portfolio
• Shared deal flow and due diligence. Syndicate investing allows angel investors to pool their knowledge, experience, and resources. By leveraging the collective intelligence of the entire angel syndicate, they are able to source more opportunities and carry out more informed due diligence on the startups they review. 
• Simplicity. The rise of online syndication platforms made it easier for investors to participate in syndicate investing. These platforms provide a central location where investors can connect, identify and evaluate potential investment opportunities, and manage their investments. 

How do angel syndicates support startups' businesses?

• Financial backing: Startups can secure substantial capital infusions by pooling resources from multiple investors, often enabling larger funding rounds than a single angel could offer alone. This supports critical business functions such as product development, team expansion, and market entry strategies.
• Guidance and mentorship: syndicates deliver invaluable mentorship and strategic guidance from experienced lead investors and syndicate members. Their collective networks open doors to potential customers, partners, and subsequent VC opportunities, accelerating growth and credibility in competitive ecosystems.
• Reducing administrative burdens: When a lead handles due diligence and negotiations, this will reduce administrative burdens on founders, leading to quicker deal closures and freeing up time for core business activities. 

In summary, angel syndicates revolutionize early-stage investing by offering startups not just essential capital but also mentorship, networks, and streamlined processes that propel business growth amid fierce competition. Investors, in turn, gain access to premium deals, diversified portfolios, and shared due diligence, amplifying their chances for substantial returns without the isolation of solo ventures.

Ghada Ismail

In the first article, we explored the API Economy as a global shift, but understanding the concept is only the beginning. The real story emerges when we look at how the API Economy takes shape on the ground, inside actual markets.

When a user taps “pay,” links a bank account, or signs into a digital wallet, the experience looks simple. But behind every smooth tap lies a hidden world: API gateways, microservices, integration layers, open-banking rails, and banking-as-a-service components working in perfect coordination. While global conversations highlight Stripe, PayPal, and social media APIs, Saudi Arabia’s reality is driven by a growing network of local firms quietly building the financial infrastructure of the future.

This article maps the local ecosystem, the players powering it, how the architecture works, and why Saudi Arabia’s API economy is becoming a strategic backbone for the region.

Why the API Economy Is Accelerating in Saudi Arabia

The foundations of Saudi Arabia’s API ecosystem are being shaped by three intersecting forces:

1. Regulatory clarity and open banking readiness.
Saudi regulators and banks have laid down frameworks that encourage standardized APIs, account-data access, and safe third-party integrations. This clarity reduces friction for both fintechs and API providers.

2. Rapid consumer adoption of digital payments.
With mobile wallets, tap-to-pay, and online banking becoming mainstream, demand for stable, scalable backend infrastructure has never been higher.

3. The need for speed, cost efficiency, and modular development.
Instead of reinventing infrastructure, fintechs can now assemble it — using APIs for payments, identity, compliance, or card issuance. This modularity is what allows Saudi fintechs to launch fast and scale without massive upfront investment.

Together, these factors have created the conditions for a strong local market of API builders, integrators, and specialized fintech-infrastructure companies.

Who Is Building Saudi Arabia’s API Infrastructure?

Saudi’s API ecosystem isn’t driven by one type of company — it’s a layered network of infrastructure specialists. Below are the key categories and the local firms shaping each layer.

1. Microservices, Cloud & Integration Firms: SkyTech Digital, AusafTech, Tech Polaris

These companies form the technical backbone that many fintechs rely on:

SkyTech Digital

• Designs microservices architectures and cloud-native applications.
• Helps businesses migrate from legacy or monolithic systems to modular, API-driven backends.
• For fintechs, this means faster performance, better scalability, and easier maintenance.

AusafTech

• Specializes in full-stack API integration — from advisory to testing to long-term maintenance.
• Connects systems to payment gateways, CRMs, cloud platforms, and messaging services.
• Plays a crucial role when fintechs need multiple integrations handled reliably.

Tech Polaris

• Offers API development and integration support for businesses building modular services.
• Represents the growing demand for API-first engineering firms in the Kingdom.

These firms make fintech architecture possible: without microservices, cloud-native environments, or integration scaffolding, fintech products simply wouldn’t scale.

2. Fintech-Facing API Platforms: Open Banking, Payments, Cards & Payouts

Beyond general integration, Saudi fintechs rely on API-first firms that offer ready-made financial infrastructure.

Open banking aggregators (e.g., Lean Technologies, SingleView)

• Provide account-data APIs, payment initiation, and bank connectivity.
• Let fintechs fetch transaction data, verify accounts, or build budgeting tools without separate bank integrations.

Banking-as-a-Service & card-issuing platforms (e.g., NymCard)

• Enable virtual cards, user payouts, financing modules, and program management — all via APIs.
• Allow fintechs to launch financial services without building rails from scratch.

Payment service providers and merchant platforms (e.g., Geidea)

• Offer robust payment APIs, checkout solutions, and payment links.
• Let marketplaces, apps, and online merchants embed payments instantly.

When assembled together, these API components create a “plug-and-play fintech stack” — one that allows startups to focus on the product rather than the plumbing.

How These Layers Work Together: A Realistic Saudi Fintech Stack

To understand how this ecosystem behaves in practice, imagine a Saudi fintech launching a digital wallet, BNPL service, or SME-payments tool:

• Backend architecture: A firm like SkyTech builds the cloud-native, microservices-based foundation.
• Payment processing: The fintech integrates Geidea’s payment APIs.
• Cards and payouts: They plug into NymCard’s card-issuing or payout APIs.
• Bank-account connectivity: Lean Technologies or SingleView enables account linking and open-banking flows.
• Additional integrations: AusafTech manages CRM, SMS, cloud services, and other connections.

The result?
A fully operational fintech product built in months — not years — thanks to a layered ecosystem of specialized API providers.

This is the API Economy made real.

Why Local Firms Matter More Than Ever

While global API giants dominate headlines, Saudi fintechs increasingly depend on regional infrastructure firms — for reasons that are both practical and strategic:

• Regulatory alignment: Local providers are built for SAMA compliance and Saudi banking rules.
• Localization: They understand cultural norms, payment behaviors, and Arabic-language user journeys.
• Speed of integration: Proximity enables faster iteration and customization.
• Resilience: Relying only on global providers increases risk; a diverse regional stack is more stable.

These companies are not outsourced vendors; they are ecosystem enablers building national infrastructure.

Implications for Founders, Investors, and Policymakers

For startups and founders:

• APIs significantly reduce time-to-market.
• Modular infrastructure lets teams focus on UX and differentiation.
• Choosing the right integration partners becomes a strategic decision.

For investors:

• API providers are long-term infrastructure bets.
• Their value compounds as the fintech market expands.

For regulators:

• Clear API standards and sandboxes accelerate innovation.
• Supporting local API firms strengthens national digital sovereignty.

Conclusion: Saudi Arabia’s API Economy Has Entered Its Infrastructure Phase

If the first article explained what the API Economy is, this article explains how it is being built in Saudi Arabia — and by whom.

The Kingdom’s fintech growth is not powered solely by consumer-facing apps, but by the invisible architecture behind them: APIs, microservices, integration frameworks, open-banking rails, card-issuing platforms, and PSP gateways. Companies like SkyTech Digital, AusafTech, Tech Polaris, Geidea, NymCard, Lean Technologies, and SingleView are quietly building the rails that make everything possible.

The real story of Saudi fintech is not just about innovation on the surface.
It’s about the infrastructure underneath — reliable, compliant, modular, and fast-evolving.

And as Saudi Arabia accelerates toward a fully digital economy, those who understand and invest in this infrastructure will be shaping not just apps, but the future of finance across the region.

Noha Gad

The tourism sector in Saudi Arabia is witnessing a historic and transformative change, reinforcing the Kingdom’s position as a global tourism powerhouse. This strategic shift is a cornerstone of Vision 2030, which targets increasing tourism’s contribution to the national gross domestic product (GDP) from 3% to 10% by 2030, and aims to attract 150 million visitors annually by the end of the decade.

During the first half (H1) of 2025, the total number of inbound tourists in Saudi Arabia reached 14.3 million tourists, with inbound tourism spending estimated at SAR 90.5billion, according to recent figures released by the Ministry of Tourism. Additionally, the tourism hospitality facilities in the Kingdom recorded an overall occupancy rate of over 51% during the third quarter (Q3) of 2025, with Revenue Per Available Room (RevPAR) standing at SAR  154 in the same quarter. 

Driving this ambition is a dual commitment to sustainability and technological innovation. The Kingdom is not merely expanding its tourism offerings, which span from the pristine Red Sea coast and the ancient Nabatean tombs of AlUla to futuristic megaprojects like NEOM, but is doing so with a foundational pledge to environmental stewardship. 

Also, the Kingdom is at the forefront of integrating cutting-edge technologies, such as Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), to revolutionize the visitor experience and operational efficiency. From AI-powered personalized itineraries and smart city management to immersive VR previews of heritage sites and AR-enhanced cultural exhibitions, technology is becoming the invisible backbone of Saudi tourism.

Green tourism in Saudi Arabia 

Saudi Arabia is putting sustainability at the core of its tourism strategies, particularly through eco-tourism integrated into its latest destination concepts that protect and preserve natural habitats and local wildlife. A range of nature reserves have already been established, including the Harrat al-Harrah Reserve, King Salman Bin Abdulaziz Royal Reserve, and Prince Mohammed bin Salman Royal Reserve. The National Center for Wildlife works to protect, develop, and resettle ecosystems and biodiversity, in addition to treating risks related to wildlife.

The Kingdom’s national initiatives, like the Saudi Green Initiative (SGI) and the National Tourism Strategy (NTS), mandate that growth must be sustainable, regenerative, and aligned with ambitious conservation targets. For instance, the SGI aims to reduce carbon emissions by 278 million tons annually by 2030 and increase the percentage of protected land and marine areas to 30% of the Kingdom's total area. Therefore, all tourism giga-projects are required to align with these goals. The 30% protection target is particularly crucial, as many projects, like the Red Sea Project, are located within or adjacent to protected zones, mandating a regenerative approach that enhances the environment.

The NTS targets implementing guidelines for energy, water, and waste management across new and existing destinations, acting as the operational link between the SGI's high-level goals and on-the-ground tourism development.

Giga projects, such as the Red Sea project, NEOM, and Al Ula, are large-scale experiments and benchmarks for building tourism from the ground up on green principles. The Red Sea project, spanning an archipelago of 90 islands scattered along the western coast of Saudi Arabia, targets developing luxury resorts using 100% clean energy, aiming for 100% carbon neutrality. Al Ula region, Saudi Arabia’s historical open-air museum, is expected to be on the global tourist radar, combining heritage with modern sustainable worldviews. This project is expected to contribute to carbon neutrality in the long term. 

All mega- and gig-projects underscore the Saudi government’s efforts to forge a future where tradition, innovation, and sustainability go hand-in-hand. According to the World Tourism Barometer, published by UN Tourism in January 2025, Saudi Arabia was one of the best-performing destinations in the world for 2024, seeing a tourism uplift of over 69% for the full 12-month period compared to 2019.

Digital tools driving Saudi Arabia's sustainable tourism

Smart tourism in Saudi Arabia refers to the integration of advanced technologies, such as artificial intelligence, virtual and augmented reality, and smart city infrastructure, into the travel and tourism experience. It aims to enhance convenience, personalization, and sustainability for both domestic and international visitors.

Building upon its sustainable foundation, Saudi Arabia is strategically deploying advanced technologies to create seamless, personalized, and immersive visitor experiences. These technologies are integral to managing tourism growth efficiently while elevating engagement to world-class standards.

AI serves as the central nervous system of this new tourism ecosystem. Beyond powering personalized recommendations on platforms like the official Visit Saudi portal, AI is crucial for operational sustainability and management. It is used for predictive analytics to optimize energy and water use in large resorts, manage visitor flows to prevent overcrowding at sensitive heritage sites, and provide real-time, multilingual assistance through AI-powered chatbots and virtual concierges. 

For immersion and accessibility, Virtual Reality (VR) and Augmented Reality (AR) are transforming how visitors explore Saudi heritage and future destinations. Before travel, VR enables potential tourists to take digital journeys through destinations like the ancient tombs of Hegra in AlUla or the futuristic models of NEOM. Platforms like the Metaverse let visitors explore Saudi landmarks from anywhere, offering a glimpse into the Kingdom’s rich heritage, no matter where they are in the world.

On-site, AR applications enrich the physical experience; for instance, at historical locations, visitors can use their smartphones or AR glasses to see historical recreations superimposed on ruins, receive interactive guided narrations, or access instant translation of inscriptions, bringing millennia of history to life in an engaging, educational format. Interactive museums, such as the International Fair and Museum of the Prophet’s Biography and Islamic Civilization, turn history into an experience through screens, sound, and smart displays. Historic and cultural sites like AlUla, Diriyah, and Jeddah’s Al-Balad offer AR experiences that let visitors interact with stories from the past.

Key smart tourism platforms in Saudi Arabia

The smart tourism ecosystem in Saudi Arabia is supported by several key digital platforms, ranging from official government portals to giga-project-specific applications. These platforms leverage AI, data analytics, and integrated services to enhance the visitor journey from planning to post-trip.

• ‘Visit Saudi’ portal and application is the official national tourism platform that serves as the primary digital gateway for all international and domestic tourists. It offers AI-driven personalized itinerary planning, destination discovery, event bookings, and integrated visa application links. 
• Nusuk is the official unified digital platform for pilgrims performing Hajj and Umrah, managed by the Ministry of Hajj and Umrah. It offers end-to-end journey management, including eVisa, electronic permit issuance, accommodation booking, flight packages, and health services. The platform uses data analytics for crowd management and a seamless spiritual experience.
• Tawakkalna app. Thanks to its robust identity verification infrastructure, this application is integrated into the tourism and events sector. It provides a secure digital identity, via Absher integration, for fast-track entry at major events, festivals, and tourist attractions, reducing queues and enhancing security.

As Vision 2030 continues to unfold, Saudi Arabia’s model offers a forward-looking blueprint for how destinations can grow responsibly. It demonstrates that with clear vision, supportive policy, and strategic investment, tourism can be a force for economic vitality, cultural celebration, and environmental preservation. This transformation in the Saudi tourism sector represents a purposeful integration of environmental stewardship and technological innovation. By establishing a firm green foundation through national initiatives and advancing a sophisticated smart toolbox with artificial intelligence, immersive tech, and data-driven platforms, the Kingdom is not merely expanding its tourism sector; it is redefining its future. 

Ghada Ismail 

In the startup world, growth and scaling are often used interchangeably, but they are not the same. Understanding the difference can save founders time, money, and headaches, and help attract investors who care about leverage and efficiency.

Growth: Getting Bigger

Growing means increasing revenue while increasing resources roughly in proportion. More customers require more support. More features require more engineers. Revenue rises, but so do costs, headcount, and operational complexity. Growth is usually linear: a 40% revenue increase often comes with roughly 40% more expenses.

For early-stage startups, growth is necessary. You hire people to build the product, test features, and serve clients. You experiment with pricing, marketing, and distribution. It’s hands-on, manual, and resource-intensive, and that’s fine at this stage.

Scaling: Getting More Efficient

Scaling means increasing revenue significantly without a matching rise in costs. In other words: more output with minimal additional input. While growth is linear, scaling is exponential.

Scaling depends on leverage: repeatable processes, automation, and systems that allow serving more customers without proportionally increasing overhead. This is why tech and digital startups often scale faster: software, platforms, and automated processes can handle volume at near-zero marginal cost.

In short: growth makes your startup bigger; scaling makes it more efficient.

When to Grow vs When to Scale

Most startups should grow first, scale later.

Grow when:

• You’re building the product and learning from early users
• Your processes are manual or experimental
• You’re testing pricing, positioning, or marketing channels

Growth at this stage is about survival, validation, and assembling the machine.

Scale when:

• You have product-market fit and repeatable demand
• Operations can handle more volume without proportional cost
• Customer acquisition or revenue patterns are predictable

Scaling at the right time multiplies results without multiplying costs — unlocking higher margins and sustainable growth.

Risks of Confusing Growth and Scale

Scaling too early can lead to overspending, inefficient hires, and operational collapse before product-market fit.
Growing indefinitely without scaling leads to overstaffed teams, rising expenses, and stagnant margins, a business that can’t expand without proportional resource increases.

Understanding where your startup sits ensures smarter decisions and clearer communication with your team and investors.

Wrapping Things Up…

• Growth is about size; scaling is about efficiency.
• Startups grow first to validate and learn; they scale to multiply output and impact.
• Confusing the two can waste resources, slow progress, and frustrate teams.

The most successful founders don’t just aim to grow; they aim to scale at the right time, turning a validated product into a business that can expand rapidly, sustainably, and profitably.

Noha Gad

In today’s fast-growing startup landscape, founders face several challenges, most notably securing capital to fuel growth without sacrificing equity or facing rigid repayment schedules. Traditional options like venture capital dilute ownership, while bank loans demand collateral that many early-stage businesses lack. Hence, revenue-based financing (RBF) emerged as a flexible, performance-aligned model that reshapes the way entrepreneurs fund their ventures. 

What is revenue-based financing (RBF)?

Revenue-based financing, or royalty-based financing, allows businesses to raise capital by giving investors a share of their ongoing gross revenues. This model provides founders with fast, non-dilutive capital that aligns with their actual revenue, offering valuable insights beyond just funding to fuel their sustainable growth.

Unlike debt and equity financing, RBF enables investors to receive a regular share of the business's income until a certain amount is paid. This amount is typically three to five times the original investment.

RBF is particularly popular in small to mid-sized companies or Software-as-a-Service (Saas) sectors as it provides an alternative for companies that are unable to secure traditional financing. It is an ideal option for growing online businesses, especially those with predictable, recurring revenue, that need capital for inventory, marketing, or other operational expenses.

How does RBF work?

A company that raises capital through revenue-based financing will be required to make regular payments to pay down an investor's principal. It is distinct from debt financing for several reasons: interest is not paid on an outstanding balance, and there are no fixed payments.

Payments to investors depend on the company’s performance because they vary based on the level of the business's income. For instance, if sales fall off in one month, investors will see their royalty payment reduced. Likewise, if sales in the following month increase, payments to the investors for that month will also increase.  

RBF also differs from equity financing because investors do not have ownership in the business. This is why revenue-based financing is often considered a hybrid between debt financing and equity financing.

Benefits and drawbacks

When considering revenue-based financing as a funding option, it is important to weigh its advantages alongside its limitations. This approach offers a set of benefits that appeal to many growing businesses, but it also has potential drawbacks that may impact suitability depending on the company’s specific circumstances. 

Benefits

• Non-dilutive capital: It allows entrepreneurs to raise funds without giving up ownership or control, which is crucial for founders keen to retain strategic decision-making power.
• Flexible repayments: Payments fluctuate with revenue, reducing financial pressure during slow periods. This eventually helps maintain healthier cash flow compared to fixed loan installments.
• Fast and accessible: Approval processes emphasize actual revenue performance rather than projections or credit scores.

 Drawbacks

• Higher Cost: RBF can be costlier than traditional debt, with repayment caps often ranging from 1.3x to 2.5x the initial amount.
• Revenue dependence: Companies with fluctuating or unpredictable revenue may face extended repayment terms, which can strain long-term financial planning.​
• Not for early-stage startups: RBF generally requires a reliable revenue stream. This makes it less suitable for pre-revenue or high-risk ventures.​

RBF vs. traditional funding options

Revenue-based financing stands out in a crowded funding landscape by offering a middle path between equity-heavy venture capital and rigid traditional debt. Evaluating it against alternatives like VC, bank loans, and venture debt reveals key trade-offs in ownership, repayment flexibility, and accessibility. RBF preserves full ownership without equity dilution, unlike VC, which requires giving up shares and often board seats. Additionally, RBF does not require collateral or personal guarantees, compared to bank loans, which have fixed payments and asset requirements.

RBF avoids interest rates and equity warrants typical in venture debt, offering purely revenue-based terms without fixed schedules, though both target growth-stage firms.

Finally, Revenue-based financing offers a compelling alternative for founders seeking flexible, non-dilutive capital aligned with their business performance. Although it may carry higher costs than traditional debt and requires steady revenue, its scalable repayment and quick access make it an attractive option for growing companies. As startups navigate funding choices, understanding RBF's unique workings can empower smarter decisions for sustainable growth.