Dubai, UAE: VentureSouq, a GCC-based venture capital firm, announced the close of its second FinTech Fund (FinTech Fund II), reinforcing its position as a leading early-stage investor in the MENA region. The successful close marks a significant step forward for the region’s FinTech ecosystem and is supported by a top-tier group of limited partners, including Jada Fund of Funds, a PIF-owned company; Saudi Venture Capital Company (SVC); Saudi Awwal Bank (SAB); Mubadala Investment Company; Takamol Holding, Krafton, and the Innovative Startups and SMEs Fund (ISSF) of Jordan.

The new fund will focus on early-stage investments in FinTech and adjacent SaaS companies across the MENA region, targeting sectors such as payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management.

Suneel Gokhale, General Partner at VentureSouq, commented: “FinTech Fund II is a testament to the depth of opportunity in this region and the strength of our platform. Since launching our first sector-specific FinTech fund in 2021, we’ve seen tremendous traction across markets. What’s clear is that we’re still early in this journey, but the foundations are now firmly in place. We’re also seeing FinTech as the principal entry point for AI into our region from a deployment standpoint - the impact of which is certainly still ahead of us. This new fund allows us to keep pushing that momentum forward with strong support from partners who understand the regulatory and market dynamics critical to scaling ventures here.”

Maan Eshgi, General Partner at VentureSouq, added: “With Fund II, we’ve built on the foundation we established with Fund I - assembling a strategic LP base that understands the evolving MENA venture landscape and is positioned to actively support our portfolio companies as they scale across the region. 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 continues to demonstrate strong momentum in venture capital, with a growing portfolio across FinTech, climate tech, and adjacent emerging technologies. The firm has historically backed several high-growth startups, including:

• Tabby - a leading buy now, pay later platform

• Huspy - an innovative digital real estate platform

• Yassir - a super app serving Algeria, Morocco, and Tunisia

• Salla - a leading e-commerce platform empowering merchants in Saudi Arabia

• Mozn - a Saudi AI company specializing in risk and compliance solutions

Saeed Assiri, Chief Innovation Banking Officer at Saudi Awwal Bank, said: “This fund exemplifies the type of strategic partnerships we champion at SAB - one of the leading banks in the Kingdom of Saudi Arabia - where innovation is a shared journey between visionary founders, institutional investors, and forward-leaning stakeholders. 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. Our collaboration with VentureSouq reflects our steadfast commitment to shaping the region’s innovation economy in ways that serve both today’s entrepreneurs and tomorrow’s society. This further demonstrates our commitment to driving financial innovation in Saudi Arabia.”

He added: “At SAB, we are deeply focused on supporting visionary investment platforms that align with our innovation strategy and contribute meaningfully to the region’s growth. VentureSouq continues to demonstrate strong momentum in venture capital, with a growing portfolio across FinTech, climate tech, and adjacent emerging technologies. With a strong track record of strategic investments and successful exits, VentureSouq remains a key player in advancing innovation across the MENA region.”

Earlier this year, Forbes named VentureSouq one of the Top Venture Capital Firms in the Middle East for 2024, a recognition that underscores growing institutional confidence in VentureSouq’s leadership in emerging markets and its integrated approach to innovation investment.

Since its inception, VentureSouq has emerged as a cornerstone investor in the MENA startup ecosystem. Through its first FinTech fund, the firm backed over 40 early-stage startups spanning the UAE, Saudi Arabia, Egypt, Jordan, and Pakistan. Many of these companies have since raised follow-on rounds from global investors and scaled across markets.

VentureSouq provides more than just capital - it offers regulatory insight, operational support, and a hands-on, founder-first approach. Its platform connects public and private capital to drive innovation at scale across the region.

According to a recent industry report, the MENA region is projected to be the fastest-growing FinTech market globally, with expected net revenue growth of 35% annually through 2028, significantly outpacing the global average of 15%.

FinTech Fund II builds on the success of VentureSouq’s first FinTech-focused fund - the first vertical fund of its kind in MENA - and highlights rising institutional confidence in the long-term potential of the region’s FinTech sector.

About VentureSouq

VentureSouq is a GCC-based venture capital firm focused on early-stage tech investments. Established in 2017, the firm operates across the UAE and Saudi Arabia and has invested in over 200 companies globally, with approximately $250 million in assets under management. The General Partners include Suneel Gokhale, Maan Eshgi, Sonia Gokhale, Tammer Qaddumi, and Sonia Weymuller, along with Venture Partner Musaab Hakami. VentureSouq’s funds are backed by MENA-based sovereign wealth funds, family offices, regional banks, and other financial institutions.

About SAB

Saudi Awwal Bank (SAB) is one of the largest banks in the Kingdom, with a history in Saudi Arabia spanning over 90 years. Over the past nine decades, it has been an active partner in supporting the Kingdom’s economic growth and social development. SAB is a leading corporate and institutional international bank in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in trade finance, foreign exchange, debt, wholesale banking, digital service innovation, and ESG in Saudi Arabia and the broader region. SAB offers integrated financial and banking services, including corporate banking, investment banking, private banking, and treasury. The bank’s paid-up capital is SAR 20.5 billion, following its legal merger with Alawwal Bank on 14 March 2021, when it was then known as the Saudi British Bank (SABB). SAB operates under the supervision and regulation of the Saudi Central Bank and is a partner of the HSBC Group.