Bahrain fintech Skyro targets Saudi Arabia in Middle East expansion

Bahrain-based digital consumer finance platform Skyro has begun establishing operations in Saudi Arabia as part of a wider Middle East expansion, opening an office in Riyadh and hiring staff ahead of obtaining a regulatory licence. The company said it will offer consumer and small- and medium-sized enterprise (SME) financing in the kingdom, subject to regulatory approval, and has appointed former Mastercard executive Maria Medvedeva as managing director for the Middle East to lead the market entry and regional build-out.

"Since launching in South-East Asia in 2022, Skyro has built a credit portfolio of more than $200 million, while the app has surpassed 7 million users. This momentum, which is moving us towards profitability, shows that our ecosystem business model built around consumer finance has significant potential in other emerging markets," Skyro co-founder and CEO Arsen Liametov said.

Leadership and mandate

Medvedeva will oversee Skyro's market-entry strategy in Saudi Arabia and the group's expansion across the Middle East, steering regulatory engagement, partnerships, local operations and product development. Skyro said she will be responsible for establishing local teams and operating models, shaping the product and go-to-market approach market by market, and driving long-term growth across the GCC in alignment with regional economic diversification agendas.

• New Riyadh office opened; staff being hired ahead of licensing.
• Planned product scope: consumer finance and SME services (pending regulatory approval).
• Regional remit: evaluate further expansion opportunities across the wider Middle East.

Medvedeva brings more than seven years of experience as a vice president at Mastercard covering the MENA region, Saudi Arabia and Bahrain. She was noted as the first woman to hold a senior country leadership role in Saudi Arabia at Mastercard and has contributed to developing payment technologies for consumers and merchants in support of the Kingdom's Vision 2030.

"I am delighted to lead Skyro's expansion across the Middle East, a region shaping one of the most ambitious visions for the future of finance. My commitment is to build here for the long term: with local teams, trusted partnerships, and genuine respect for the markets we enter," Medvedeva said. "The most enduring businesses are built in a place, not simply imported into it, and I believe Skyro has the team and the discipline to grow responsibly and profitably alongside the region."

Context and strategic rationale

Skyro launched in South-East Asia in 2022 and reports a credit portfolio exceeding $200 million and more than 7 million app users. The company described its business model as an "ecosystem" built around consumer finance and said the performance in Southeast Asian markets is informing its approach to the Middle East. For Saudi Arabia specifically, Skyro is investing in local operations and tailoring services to the kingdom's needs while positioning itself as a complementary partner to established financial institutions.

Skyro's stated aim is to build a broader digital financial services ecosystem spanning consumers and businesses. Medvedeva emphasised that the company intends to expand access to finance and create new opportunities for economic growth while supporting the development of homegrown fintech capabilities. "As part of its Saudi expansion, Skyro plans to build out a broader ecosystem of digital financial services spanning both consumers and businesses," she said.

Outlook

Skyro's immediate steps—opening a Riyadh office, recruiting staff and appointing a senior regional head—signal a deliberate approach to regulatory and market entry work in Saudi Arabia. The company will need to secure the necessary licences before launching consumer and SME products, and its progress will depend on the pace of regulatory approvals and the ability to forge local partnerships. If Skyro can translate its Southeast Asian traction—$200 million in credit and 7 million users—into the Middle East, it could add a new fintech entrant to the Kingdom's expanding digital-finance landscape.