VentureSouq, the GCC-based venture capital firm, has announced the successful close of its second FinTech Fund (FinTech Fund II), cementing its role as one of the most active early-stage investors in the MENA region.
The new fund is supported by a powerful line-up of sovereign and institutional limited partners, including Jada Fund of Funds (PIF-owned), Saudi Venture Capital Company (SVC), Saudi Awwal Bank (SAB), Mubadala, Takamol, Krafton, and Jordan’s Innovative Startups and SMEs Fund (ISSF).
A Strategic Focus on FinTech and SaaS
VentureSouq’s FinTech Fund II will target early-stage FinTech and SaaS companies across the MENA region. Key sectors include:
- ✅ Payments infrastructure
- ✅ Alternative credit solutions
- ✅ Digital banking
- ✅ PropTech and InsurTech
- ✅ Personal finance management
This comes on the back of Fund I’s success, which backed more than 40 startups in MENA and Pakistan, many of which have since scaled internationally.
Leadership Insights
- Suneel Gokhale, General Partner at VentureSouq, noted: “FinTech Fund II reflects the depth of opportunity in this region. Since our first fund in 2021, we’ve seen tremendous traction. FinTech remains the principal entry point for AI in MENA, and its full impact is still ahead of us.”
- Maan Eshgi, General Partner, added: “With Fund II, we’ve built a strong LP base that understands MENA’s venture dynamics. Navigating regulations and unlocking cross-border opportunities are key. With the right partners, we’re confident about scaling the next wave of category-defining startups.”
Track Record of Backing High-Growth Startups
VentureSouq has already established a strong portfolio with notable names such as:
- Tabby – Buy now, pay later platform.
- Huspy – Digital real estate platform.
- Yassir – Super app in North Africa.
- Salla – Leading Saudi e-commerce platform.
- Mozn – AI-driven risk and compliance company.
The firm has invested in over 200 companies globally, managing around $250 million in assets under management (AUM).
Institutional Confidence and Regional Impact
Institutional support underscores the strategic importance of MENA’s fintech sector.
- Saeed Assiri, Chief Innovation Banking Officer at SAB, stated: “This fund exemplifies strategic partnerships where innovation is a shared journey between founders, investors, and institutions. At SAB, we are committed to driving financial innovation in Saudi Arabia and the wider region.”
This strong collaboration reflects the region’s drive to build enduring financial foundations and to position fintech as a pillar of economic growth.
FinTech Growth Outlook in MENA
- The MENA region is projected to be the fastest-growing fintech market globally, with net revenue growth of 35% annually through 2028.
- This far outpaces the global average of 15%, highlighting the region’s untapped potential.
Beyond Capital: A Founder-First Approach
VentureSouq differentiates itself by offering more than funding. The firm provides:
- ✅ Regulatory guidance
- ✅ Operational support
- ✅ Hands-on collaboration with founders
- ✅ Connections between public and private capital
This approach has made VentureSouq a cornerstone of the region’s startup ecosystem, blending capital with capability to drive innovation at scale.
The Road Ahead
With FinTech Fund II, VentureSouq is doubling down on its strategy of empowering early-stage founders. The fund reflects institutional trust, regional opportunity, and the growing role of AI in fintech.
As MENA accelerates toward becoming a global fintech hub, VentureSouq’s continued leadership signals a strong future for startups and investors alike.