Bahrain’s Al Waha Fund of Funds has invested in MENA-based VentureSouq’s FinTech Fund I, the region’s first sector-specific fund focused on FinTech throughout the Middle East, North Africa, and Pakistan.
The $50 million fund focuses on important subsectors such as payments infrastructure, alternative credit, digital banking, PropTech, InsureTech, and personal financial management, working directly with innovative regional entrepreneurs revolutionizing financial services.
VentureSouq wants to use its FinTech skills and connections to help Bahrain and the rest of the region develop the next generation of category-defining FinTech startups. Bahrain is an obvious choice for empowering and growing the MENA FinTech ecosystem as a vital financial services hub in the area.
For years, VentureSouq has been a partner fund of Al Waha Fund of Funds in Bahrain. The VC firm has collaborated with local accelerators and invested in a Bahraini business.
“We are honored to be working alongside our partners in Bahrain, Al Waha Fund of Funds, to enhance the FinTech and greater tech ecosystem in the Kingdom and the region. The new FinTech fund taps into the opportunity to empower a growing market that is in its early days. Due to the intersection of increased flexibility amongst regulators and a push towards digitization, the FinTech space has become very interesting for investors,”Suneel Gokhale, General Partner of VentureSouq.