VentureSouq, a GCC-based early-stage venture capital firm, has announced the creation of the $50 million MENA FinTech Fund I. The first sector-specific fintech fund to be launched in the MENAP region is the MENA FinTech Fund I.
Early-stage investments in fintech and SaaS firms will be the focus of the Fund. Companies in the payments infrastructure, alternative credit, digital banking, proptech, insurtech, and personal financial management sub-sectors will be targeted.
According to the statement, the MENA FinTech Fund I has already made many investments across the region, including tabby, a BNPL startup, Sary, a B2B marketplace, and Hupsy, a proptech business. According to the statement, more investments are in the works and will be disclosed soon.
The firm has over US$100 million in assets under management and has invested in over 200 enterprises across the world.
News Source: Fintech News
Image Credit: #VentureSouq
