Riyadh, Saudi Arabia – 3 September 2024 – Fintactics, a leading Saudi-based venture builder specializing in financial technology, has announced a new strategic partnership with Ethos Invest, a global investment firm, and Arbah Capital, a CMA-licensed investment firm. This collaboration will focus on the Fintactics Financial Technology Fund.
The partnership brings together the strengths of the three firms: Fintactics’ expertise in building successful ventures, Ethos Invest’s global investment experience, and Arbah Capital’s in-depth knowledge of the regional financial market. The fund aims to raise $40 million (150 million SAR) for Shariah-compliant investments in early-stage FinTech companies, primarily in Saudi Arabia, but also across the Middle East and globally.
This initiative underscores the growing global confidence in Saudi startups. Saudi Arabia has rapidly emerged as a FinTech and venture capital hub, ranking first in the MENA region for total venture capital funding in the first half of 2024. This growth aligns with Vision 2030’s efforts to strengthen the venture capital ecosystem in the Kingdom.
The fund’s early-stage investments reflect a commitment to supporting innovative founders. The team has already engaged with a number of startups and is expected to deploy capital into several promising FinTech companies later this year.
“We are thrilled to announce this strategic partnership, which highlights the immense potential of the Saudi FinTech sector,” said Haitham Alsahfy, Co-Founder and CEO of Fintactics. “This collaboration will help us back transformative companies that are shaping the future of financial services both regionally and globally.”
Kevin Cunningham, Partner at Ethos Invest, added, “Combining Fintactics’ venture-building expertise with our global reach and Arbah Capital’s regional insight uniquely positions us to support the next generation of financial services leaders.”
Waleed Al-Rashdan, CEO of Arbah Capital, emphasized, “This fund represents a strategic investment in the future of finance. Together, we aim to create a thriving FinTech ecosystem in Saudi Arabia and beyond.”
Editor’s Notes: Fintactics is a premier fintech-focused VC fund and venture studio based in Riyadh, committed to investing in innovative startups across the MENA region and globally.
Ethos Invest is part of the Ethos Group, which is building a digital ecosystem of ethical financial services aimed at improving financial well-being worldwide.
Arbah Capital is the first Islamic boutique investment firm in Saudi Arabia’s Eastern Region, with a mission to provide visionary investment solutions.
