Bahrain’s Al Waha Fund of Funds invests in VentureSouq’s FinTech Fund I

Bahrain’s Al Waha Fund of Funds invests in VentureSouq’s FinTech Fund I

Representational Image

Bahrain’s Al Waha Fund of Funds has invested in Venture Souq’s FinTech Fund I, the region’s first sector-specific fund focused on FinTech across the Middle East and North Africa (MENA) region and Pakistan.

According to the statement, “The $50 million fund invests in early-stage FinTech and SaaS companies and focuses on important subsectors including payments infrastructure, alternative credit, digital banking, PropTech, InsureTech, and personal financial management, working closely with innovative regional entrepreneurs that are disrupting financial services.”

VentureSouq intends to use its FinTech skills and connections to help Bahrain and the broader region develop the next generation of category-defining FinTech startups.

Furthermore, VentureSouq has been active in Bahrain for years as one of Al Waha Fund of Fund’s partner funds. The venture capital firm has worked with local accelerators and has already invested in one startup in Bahrain.

Suneel GokhaleGeneral PartnerVentureSouq

“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,