Financial startup VentureSouq secures strategic funds to boost FinTech advancement throughout the Middle East and North Africa region.
In an exciting development for the Middle East and North Africa (MENA) region, venture capital firm VentureSouq has announced the successful close of its second FinTech-focused fund, FinTech Fund II. The fund, which targets sectors such as payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management, has garnered support from a top-tier group of limited partners. These include Saudi Awwal Bank, Jada Fund of Funds, Saudi Venture Capital Company (SVC), Mubadala Investment Company, Takamol Holding, Krafton, the Innovative Startups and SMEs Fund (ISSF) of Jordan, and others. VentureSouq's focus on financial innovation in the region, particularly in Saudi Arabia, has been praised by Saeed Assiri, Chief Innovation Banking Officer of Saudi Awwal Bank. The successful close of FinTech Fund II builds on the success of VentureSouq's first FinTech-focused fund. Over the past few years, VentureSouq has backed over 40 early-stage startups, with many companies raising follow-on rounds from global investors and scaling across markets. Notable investments include Tabby, Huspy, Yassir, Salla, and Mozn. Suneel Gokhale, General Partner of VentureSouq, stated that FinTech Fund II is a testament to the depth of opportunity in the MENA region and the strength of VentureSouq's platform. Maan Eshgi, another General Partner of VentureSouq, mentioned that with Fund II, they have built on the foundation they established with Fund I, assembling a strategic LP base that understands the evolving MENA venture landscape. The MENA region is projected to be the fastest-growing FinTech market globally, with expected net revenue growth of 35% annually through 2028. This growth is reflected in VentureSouq's growing portfolio across FinTech, climate tech, and adjacent emerging technologies. In addition to capital, VentureSouq offers its portfolio companies regulatory insight, operational support, and a hands-on, founder-first approach. This approach has earned VentureSouq recognition as one of the Top Venture Capital Firms in the Middle East for 2024, according to Forbes. As the MENA region continues to develop its FinTech sector, VentureSouq's FinTech Fund II is poised to play a significant role in supporting and nurturing the next generation of innovative FinTech startups.
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