Bahrain’s Al Waha Fund of Funds to invest in Mubadala-backed FinTech fund – The National

Bahrain’s Al Waha Fund of Funds to invest in Mubadala-backed FinTech fund – The National

Bahrain’s Al Waha Fund of Funds is investing in a FinTech-focused fund in the Middle East and North Africa region and Pakistan as demand for digital payments and other FinTech services rises in the wake of the coronavirus pandemic.

The $50 million VentureSouq’s FinTech Fund I, backed by Mubadala Investment Company, invests in early-stage FinTech companies involved in payments infrastructure, alternative credit, digital banking, property technology and personal financial management, Al Waha Fund of Funds said in a statement on Thursday.

“The FinTech opportunity in Mena is evolving in today’s hyperconnected and digitised world, and we are proud to be working directly with VentureSouq’s FinTech Fund I to tap into the growing sector, in addition to providing first-hand access to the Bahraini market,” said Areije Al Shakar, fund director at Al Waha Fund of Funds.