Press release:
Funding Souq, a Saudi-based Shariah-compliant crowdfunding and SME financing platform regulated by the Saudi Central Bank (SAMA) and the Dubai Financial Services Authority (DFSA), today announced a strategic investment from Foodics, the leading restaurant operations and financial technology platform in MENA, making Foodics the company’s largest investor. The investment will support Funding Souq’s continued growth and expand embedded financing opportunities for SMEs.
The investment brings together Funding Souq’s regulated financing infrastructure and expertise in SME credit with Foodics’ technology and data capabilities, supporting Funding Souq’s broader growth while creating new opportunities for embedded financing. Within the F&B sector, the collaboration will enable Funding Souq to extend its financing solutions to Foodics’ network of tech-enabled restaurant merchants, using restaurant sales and performance data to support more informed credit assessment and financing better aligned with how these businesses operate.
The investment brings together Funding Souq’s regulated financing infrastructure and SME credit expertise with Foodics’ technology and extensive market reach. Within the restaurant and hospitality sector, Funding Souq will extend its financing solutions to Foodics’ customer network, using restaurant sales and performance data to assess creditworthiness and offer financing better suited to their operating needs.
This also comes as Foodics expands its financial services offering through Capital 2.0, its automated financing solution for restaurants. The company intends to deploy USD 100 million in financing through Capital 2.0 in its first year, with the launch and investment reflecting its broader push to embed access to capital within its restaurant technology ecosystem.
Martin Jaouni, Founder and CEO of Funding Souq, said: “We're delighted to partner with Foodics. Together we have created Saudi Arabia's first fully automated business loan, bringing Foodics' deep reach across the restaurant and hospitality sector together with our regulated financing infrastructure to deliver capital to merchants the moment they need it. It also marks an important acceleration of our embedded finance journey, one we intend to extend across every sector where SMEs are underserved, in both Saudi Arabia and the UAE.”
Anas AlGhanim, VP, Investments & Corporate Development at Foodics, said: “Funding Souq has built a strong financing platform with significant potential to scale and serve a broader segment of SMEs. We see this investment as an opportunity to support the company’s next phase of growth, while also bringing together Funding Souq’s financing capabilities and Foodics’ technology ecosystem to expand financing services and make access to capital more seamless for our customers.”
The investment also forms part of Foodics’ longer-term ambition to evolve beyond restaurant technology into a broader financial services platform, with the company ultimately aspiring to become the future bank for restaurants and the hospitality sector.
Funding Souq has built a community of more than 10,000 investors on its platform and is on track to facilitate USD 1 billion in financing for SMEs over the next three years, as it continues to scale its Shariah-compliant financing offering.