VentureSouq, a leading GCC-based venture capital firm, has announced the successful closing of its second FinTech fund (FinTech Fund II), raising $50 million to support early-stage fintech and SaaS startups across the Middle East and North Africa (MENA) region.
FinTech Fund II has secured capital commitments from a distinguished group of institutional investors, including:
- Jada Fund of Funds (Public Investment Fund-backed)
- Saudi Venture Capital Company (SVC)
- Mubadala Investment Company
- Saudi Awwal Bank (SAB)
- Takamol Holding
- Krafton
- Jordan’s Innovative Startups and SMEs Fund (ISSF)
This diverse investor base underscores the growing confidence in MENA’s fintech ecosystem and the strategic importance of supporting innovation in the region.
The new fund will concentrate on early-stage investments in fintech and adjacent SaaS companies, targeting key sectors such as:
- Payments infrastructure
- Alternative credit solutions
- Digital banking
- PropTech
- InsurTech
- Personal financial management
These areas align with the evolving needs of the MENA region’s digital economy and present significant opportunities for innovation and growth.
VentureSouq’s first FinTech fund, launched in 2021, successfully backed over 40 early-stage startups across the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan. Notable portfolio companies include Tabby, Huspy, Yassir, Salla, and Mozn. The firm has invested in more than 100 fintech startups globally, with a total capital under management of approximately $250 million.
General Partners Suneel Gokhale and Maan Eshgi emphasized the strategic importance of FinTech Fund II in accelerating the growth of the fintech sector in MENA. Gokhale noted that fintech continues to be a primary entry point for AI adoption in the region, and the new fund will leverage strong support from partners who understand the regulatory and market dynamics critical to scaling ventures. Eshgi highlighted the strategic LP base assembled for Fund II, which is positioned to actively support portfolio companies as they scale across the region.
With the closing of FinTech Fund II, VentureSouq is poised to play a pivotal role in shaping the future of financial technology and related SaaS solutions across the MENA region, driving innovation and fostering economic growth.
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