Saudi Arabia-based fintech Funding Souq has secured a strategic investment from restaurant technology company Foodics, which is now a major investor in the round. The investment amount and ownership stake were not disclosed.
Founded in 2020 by Martin Jaouni, Funding Souq operates a Shariah-compliant SME financing platform regulated by the Saudi Central Bank and the Dubai Financial Services Authority. It offers business loans, invoice financing and supplier financing in Saudi Arabia and the UAE.
The partnership will give Funding Souq access to Foodics’ network of restaurant and hospitality businesses. The companies plan to use sales and operational data to assess merchants’ creditworthiness and tailor financing to their needs.
The investment also supports Foodics’ Capital 2.0 financing solution for restaurants. Foodics said it aims to deploy $100 million through the product in its first year.
Funding Souq said more than 10,000 investors have joined its platform and that it is on track to facilitate $1 billion in SME financing over the next three years.
Source: Wamda
