SVC launches new product for investment in fintech VC Funds, allocates SAR 300 mln

SVC launches new product for investment in fintech VC Funds at FSC

Saudi Venture Capital Co. (SVC) announced the launch of the "Investment in Fintech VC Funds" product, in partnership with the Capital Market Authority (CMA) and the Financial Sector Development Program (FSDP), with an allocation of SAR 300 million from the investment portfolio for this product.

The new product launched by SVC, as part of the Investment in Fund Program, comes to stimulate the establishment of VC funds in the financial technology (FinTech) sector in accordance with the requirements of CMA, the state-run SPA reported.

The FinTech sector witnessed a steady growth during recent years. It was the most funded sector in Saudi Arabia in 2022 in terms of number of deals and amount of VC funding, accounting for 24% of the total VC funding in Saudi Arabia with SAR 896 million raised, achieving a growth of 167% compared to 2021.

This growth is driven by the launch of many governmental initiatives that stimulate the FinTech sector, such as the Saudi FinTech initiative and the launch of the Kingdom's fintech strategy as a new pillar within the Saudi Vision 2030 Financial Sector Development Program (FSDP), which aims to support the Kingdom to be among the leading countries in the field of FinTech.