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VentureSouq has launched a USD 50 million fund that will invest in early-stage fintech and SaaS companies across the Middle East, Africa and Pakistan.

The fund will focus on key subsectors including payments infrastructure, alternative credit, digital banking, proptech, insurtech, and personal financial management. It will also reportedly work closely with innovative regional entrepreneurs that are disrupting financial services.

VentureSouq’s MENA FinTech Fund I is backed by powerhouses from across the region including Jada Fund of Funds programme and Saudi Venture Capital Company (SVC), Bahrain’s Al Waha Fund of Funds, UAE’s DisruptAD, ADQ’s venture platform, and Mubadala Investment Company, as well as multinational conglomerates such as OFC, the Middle East investment arm of The Olayan Group.

The fund has been deploying capital into startups across MENA and Pakistan, including regional ‘buy now pay later’ Tabby, Saudi-based B2B marketplace Sary and proptech platform Huspy. UAE-based investments include Baraka, Flexxpay, fintech infrastructure company NymCard and digital bank Verity and in Pakistan, digital ledger platform Creditbook, ecommerce financing platform PostEx and salary advance startup Abhi Finance.

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