GCC-based venture capital firm VentureSouq has closed its second fintech-focused investment vehicle, with commitments from leading regional and international institutions as it targets early-stage opportunities across the Middle East and North Africa.
The new fund, known as FinTech Fund II, has attracted support from a roster of high-profile backers including Jada Fund of Funds (a subsidiary of Saudi Arabia’s Public Investment Fund), Saudi Venture Capital Company (SVC), Saudi Awwal Bank (SAB), Mubadala Investment Company, Takamol Holding, South Korean gaming company Krafton, and Jordan’s Innovative Startups and SMEs Fund (ISSF).
VentureSouq said the fund will concentrate on early-stage investments in financial technology and adjacent SaaS startups, with priority sectors including payments infrastructure, alternative credit, digital banking, PropTech, InsurTech, and personal financial management.
The launch of Fund II builds on the experience of the firm’s first fintech vehicle, which backed more than 40 early-stage companies across the UAE, Saudi Arabia, Egypt, Jordan and Pakistan. That portfolio provided insights into both regulatory frameworks and market dynamics that the firm now aims to leverage at a larger scale.
The fund’s backers highlighted the importance of fintech to economic transformation in the region. By pooling capital from sovereign wealth funds, commercial banks, and institutional investors, the vehicle is positioned to address funding gaps that continue to constrain early-stage businesses.
Regional policymakers have emphasised the need to expand access to finance, accelerate the digitalisation of banking services, and encourage private sector-led innovation. VentureSouq said its new fund will target startups that can scale across multiple MENA markets while addressing structural challenges in financial services.
With the closure of FinTech Fund II, VentureSouq is preparing to expand its portfolio in payments, banking and related digital finance segments, underlining the role of venture capital in shaping the next phase of the region’s fintech ecosystem.