VentureSouq’s $200M FinTech Fund II: Betting Big on MENA’s Next-Gen Startups

With top regional backers on board, VentureSouq aims to fuel early-stage fintech and SaaS innovation across the Middle East and North Africa.

VentureSouq, a GCC-based VC firm, has successfully closed its second sector-focused vehicle, FinTech Fund II, with strong backing from key institutional investors such as Abu Dhabi’s Mubadala, Saudi Awwal Bank (SAB), Jordan’s ISSF, Takamol Holding, Krafton, Saudi Venture Capital Company (SVC), and Saudi Arabia’s Jada Fund of Funds. This achievement underscores VentureSouq’s growing influence as a leading early-stage investor in the MENA region’s dynamic fintech sector.

FinTech Fund II will focus on early-stage fintech and adjacent SaaS startups across the MENA region, prioritizing companies that are reshaping digital banking, personal financial management, PropTech, InsurTech, payments infrastructure, and alternative credit. The fund seeks to back startups that are both technologically innovative and capable of scaling across multiple regional markets.

A Proven Track Record of Market-Ready Startups

Since the launch of its first sector-focused fund in 2021, VentureSouq has backed more than 40 early-stage startups across Pakistan, Jordan, Saudi Arabia, Egypt, and the UAE. A number of these companies have gone on to secure follow-on funding and expand into international markets, highlighting the firm’s capability to spot scalable opportunities in dynamic and complex emerging regions.

Some notable portfolio companies include:

• Tabby – Buy now, pay later platform
  
• Huspy – Digital real estate solutions
  
• Yassir – Super app operating in Algeria, Morocco, and Tunisia
  
• Salla – E-commerce platform for merchants in Saudi Arabia
  
• Mozn – AI-driven risk and compliance solutions
  

These companies exemplify the fund’s focus on high-growth, purpose-driven startups capable of shaping the future of the regional fintech landscape.

Driving FinTech Innovation with AI

Suneel Gokhale, General Partner at VentureSouq, highlighted the strategic role of fintech as an entry point for AI adoption in the MENA region. “The impact of AI integration is still ahead of us. FinTech Fund II allows us to maintain momentum with partners who understand the regulatory and market dynamics critical to scaling ventures here,” he said.

Maan Eshgi, another General Partner, emphasized that scaling in MENA requires navigating complex regulations and unlocking cross-border opportunities. “With the right stakeholders in place, Fund II is positioned to accelerate the next generation of category-defining startups,” he added.

Hands-On Support Beyond Capital

VentureSouq is not just a capital provider. The firm offers a hands-on, founder-first approach, providing operational support, regulatory guidance, and strategic connections to both public and private capital. This integrated support helps portfolio companies expand efficiently across markets and fosters sustainable growth in the region’s fintech and SaaS sectors.

MENA’s FinTech Growth Opportunity

The MENA fintech market is projected to be the fastest-growing globally, with an expected net revenue growth of 35% annually through 2028, far outpacing the global average of 15%. FinTech Fund II positions VentureSouq to capitalize on this trajectory, providing both capital and expertise to startups poised to become regional leaders.

Looking Ahead

With FinTech Fund II, VentureSouq is doubling down on its strategy to back early-stage, innovation-driven fintech and SaaS companies. By combining financial support with operational expertise and deep local knowledge, the firm is set to play a pivotal role in shaping the region’s next wave of fintech innovation.

For startups in the MENA region, this fund represents more than funding—it’s access to a strategic partner capable of navigating market complexities, scaling operations, and unlocking new growth opportunities.