VentureSouq, a GCC-based venture capital firm, has closed its second FinTech Fund, reinforcing its role as a leading early-stage investor in the MENA region.
The fund brings together a heavyweight group of backers, including Jada Fund of Funds, Saudi Venture Capital Company (SVC), Saudi Awwal Bank (SAB), Mubadala Investment Company, Takamol Holding, Krafton, and Jordan’s Innovative Startups and SMEs Fund (ISSF).
FinTech Fund II will target early-stage companies across payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management. It follows the success of VentureSouq’s first FinTech-focused vehicle launched in 2021, which invested in more than 40 startups across the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan.
“FinTech Fund II is a testament to the depth of opportunity in this region and the strength of our platform” said general partner Suneel Gokhale. “We’re also seeing FinTech as the principal entry point for AI into our region from a deployment standpoint—the impact of which is still ahead of us.”
General partner Maan Eshgi noted that the new fund builds on the foundation of Fund I: “Our experience shows that success in MENA requires navigating complex regulatory environments and unlocking cross-border opportunities. With the right stakeholders in place, we’re confident that Fund II will help accelerate the next generation of category-defining startups.”
VentureSouq’s portfolio already includes notable regional players such as Tabby, Huspy, Yassir, Salla, and Mozn. Earlier this year, Forbes named the firm one of the Top Venture Capital Firms in the Middle East for 2024.
Saeed Assiri, chief innovation banking officer at SAB, said the fund represents the kind of strategic partnerships the bank champions: “We believe strongly in the transformative potential of MENA’s FinTech sector and in the value of building enduring foundations that will enable its growth for decades to come.”
According to a recent report, the MENA region is expected to be the world’s fastest-growing FinTech market through 2028, with projected annual net revenue growth of 35 percent. VentureSouq says the new fund will provide not only capital but also regulatory guidance and operational support to help startups scale across complex regional markets.
