Prime Highlights
- Skyro has opened a Riyadh office and plans to offer consumer and SME financing after regulatory approval.
- Former Mastercard executive Maria Medvedeva will lead Skyro’s Middle East expansion.
Key Facts
- Skyro has built a credit portfolio exceeding $200 million in South-East Asia.
- Its app has more than 7 million users.
Background
Bahrain-based digital consumer finance platform Skyro plans to enter Saudi Arabia and expand across the Middle East as it looks to build its presence in the region’s growing digital finance market.
The company has opened an office in Riyadh and started hiring ahead of securing the required regulatory licence. Once approved, Skyro plans to offer financing services to consumers and small and medium-sized enterprises (SMEs) in Saudi Arabia.
Skyro has appointed former Mastercard executive Maria Medvedeva as managing director for the Middle East. She will lead the company’s Saudi market entry and wider regional expansion, covering regulatory engagement, local operations, partnerships and product development.
Medvedeva spent more than seven years as a vice president at Mastercard, working across the Middle East and North Africa, Saudi Arabia and Bahrain. She also held a senior country leadership position in Saudi Arabia, where she worked on payment technology for consumers and businesses.
Skyro said it will use its experience in consumer finance across South-East Asia while adapting its products to Saudi Arabia’s market. The company is also assessing opportunities in other Middle Eastern markets.
Skyro co-founder and CEO Arsen Liametov said the company has built a credit portfolio of more than $200 million since launching in South-East Asia in 2022. Its app has also crossed 7 million users. He said the company plans to expand its consumer finance offering and add SME services in Saudi Arabia after receiving regulatory approval.
Medvedeva will also help develop local teams, partnerships and operating models across the region. She will guide Skyro’s product and market strategy in line with regional digital economy goals, including Saudi Arabia’s Vision 2030.
The company aims to build a wider digital finance ecosystem for consumers and businesses while working alongside established financial institutions.
