Dubai-based VentureSouq has launched a US$50 million fund targetting early stage fintech startups in the Mena region.
More specifically, the fund will focus on companies working in the payments infrastructure, alternative credit, digital banking, proptech, insurtech and personal financial management sectors
The venture capital firm has secured the backing of a number of local investment firms including Jada Fund of Funds, Saudi Venture Capital Company, Bahrain’s Al Waha Fund of Funds, and UAE’s ADQ’s venture platform and Mubadala Investment Company.
The fund has already made a number of investments so far including a buy now pay later firm Tabby, Pakistan-based blockchain platform Creditbook, Saudi-based B2B marketplace Sary and UAE-based payments company Flexxpay.
“Based on what we have seen in other emerging markets that we have invested in, we believe it is still early days in terms of the fintech ecosystem in the Mena region,” said VentureSouq general partner Suneel Gokhale.
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