The UAE-based based venture capital firm VentureSouq (VSQ) announced the launch of its MENA FinTech Fund I, the region’s first sector specific fund focused on fintech across the Middle East and North Africa (MENA) region and Pakistan. The $50m VentureSouq fund will invest in early-stage fintech and SaaS companies and focus on key subsectors including payments infrastructure, alternative credit, digital banking, proptech, insurtech and personal financial management. Speaking about the latest $50m fintech fund, VentureSouq general partner Suneel Gokhale said, “Prior to the MENA FinTech fund, we were early investors alongside some of the biggest global VCs in a number of fintech companies, including high-profile ones such as Jeeves, Khatabook, Belvo, FamPay, Vouch, Point, Atomic and Fondeadora. “In 2020, we started to reflect on what fintech adoption in the MENA region was going to look like and we dove right in. VentureSouq general partner Maan Eshgi added: “As the first vertical venture fund in MENA, it was critical to assemble the right LP base.

Source: The North Africa Journal November 22, 2021 05:02 UTC