State-owned Saudi Venture Capital Company (SVC) is set to invest up to $80 million into an investment fund focused on the local fintech sector.
The Investment in Fintech VC Funds has been launched as part of a state-backed initiative, Investment in Funds Programme, designed to stimulate the domestic fintech market.
SVC has partnered with the Saudi regulator Capital Market Authority and the Financial Sector Development Program for the fund launch.
The fintech sector accounted for 24% of total VC funding in Saudi Arabia last year, more than any other sector.
In total, $239 million was raised, a 167% increase from the previous year.
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