Sovereign-backed VentureSouq Closes Second FinTech Fund, Marking a Major Milestone for MENA’s Startup Ecosystem

(MENAFN- Hanover communications) Dubai, UA– – September 10, 2025: 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 re’ion’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 ’021, we’ve seen tremendous traction across mar’ets. What’s clea’ is that we’re still early in this journey, but the foundations are now firml’ 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 scalin” 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 startup”.”

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 o’ 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 th’ region’s innovation economy in ways that serve ’oth today’s entrepreneurs ’nd 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 re’ion’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 r”gion.”

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 Ven’ureSouq’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 V’ntureSouq’s first FinTech-focused fund - the first vertical fund of its kind in MENA - and highlights rising institutional confidence in the long-term potential o’ the region’s FinTech sector.

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