VentureSouq, the GCC-based venture capital firm, has officially closed its second FinTech Fund (FinTech Fund II). The milestone is a strong signal of institutional confidence in the region’s digital economy, with heavyweight backers including Jada Fund of Funds (affiliated with Saudi Arabia’s Public Investment Fund), Saudi Venture Capital Company, Saudi Awwal Bank, Mubadala Investment Company, Takamol Holding, Krafton, and Jordan’s ISSF.
The new fund will channel capital into early-stage FinTech and SaaS startups tackling everything from payments and digital banking to InsurTech, alternative lending, and PropTech. For founders, this represents more than just capital, it’s about having partners who understand the regulatory and cross-border complexities of scaling in MENA.
“FinTech Fund II is a testament to the depth of opportunity in this region and the strength of our platform,” said Suneel Gokhale, General Partner at VentureSouq. He also pointed to a growing intersection between FinTech and artificial intelligence, noting that financial services are increasingly driving practical AI adoption in the region.
Building on the success of its first fund, VentureSouq has drawn in strategic partners who plan to take an active role in supporting portfolio companies. Maan Eshgi, also a General Partner, emphasized that the consortium goes beyond capital, offering mentorship, regulatory navigation, and cross-border growth opportunities.
From the banking sector, Saeed Assiri of Saudi Awwal Bank described the fund as a “strategic partnership” designed to fuel financial innovation while contributing to Saudi Arabia’s broader economic diversification agenda.
VentureSouq: A Growing Track Record
VentureSouq has already backed more than 40 early-stage companies across the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan. Many of these startups have since attracted global follow-on funding, demonstrating the region’s ability to produce investable, scalable ventures.
Earlier this year, Forbes named VentureSouq one of the Top Venture Capital Firms in the Middle East for 2024, underscoring its growing influence.
MENA’s FinTech sector is expected to see revenues grow at 35% annually through 2028, a pace that positions the region among the fastest-growing FinTech markets globally.
VentureSouq’s latest move signals a broader shift: investors, regulators, and founders are increasingly aligned in building a homegrown ecosystem capable of competing on the world stage.
In that sense, FinTech Fund II is more than just a headline, it’s another stepping stone in proving that MENA’s startups are not only solving local challenges but are also ready to scale globally.
