Foodics invests in Funding Souq to expand restaurant financing in KSA, UAE
Saudi Arabia-based fintech Funding Souq has secured a strategic investment from Foodics, making the restaurant technology company its largest investor. 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 (SAMA) and the Dubai Financial Services Authority…
Funding Souq, a Saudi-based fintech platform providing Shariah-compliant SME financing, has secured a strategic investment from Foodics, the leading restaurant operations and financial technology company in the Middle East and North Africa (MENA) region. The investment details, including the amount and the ownership stake, were not disclosed.
Founded in 2020, Funding Souq operates a regulated financing platform in Saudi Arabia and the UAE, offering business loans, invoice financing, and supplier financing. The investment will enable Funding Souq to expand its embedded financing opportunities for SMEs through Foodics' extensive network of tech-enabled restaurant merchants.
By leveraging restaurant sales and performance data, Funding Souq aims to offer more informed credit assessments and tailor financing packages to better align with the unique operating needs of these businesses.
This partnership is part of Foodics' broader strategy to evolve from a restaurant technology platform to a comprehensive financial services provider, ultimately aiming to become the "future bank" for the restaurant and hospitality sector.
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