Walkers Advises on MENA Region's First Fintech Fund

Walkers acted as Cayman Islands counsel to VentureSouq, a GCC-based venture capital firm, on the launch of MENA Fintech Fund I, the first such fund in the Middle East and North Africa (MENA) region to focus on Fintech as a sector.

The US$ 50 million fund will invest in early-stage Fintech and Software as a Service (Saas) companies across the MENA region and Pakistan. Key sub-sectors the fund will focus on include payments infrastructure, alternative credit, digital banking, PropTech, InsureTech and personal financial management. The fund is backed by a range of prominent investors in the region, including sovereign wealth funds.

Walkers, instructed alongside lead counsel Latham & Watkins LLP, advised on the formation and launch aspects of the closed-ended fund which is domiciled in the Cayman Islands.

The Walkers team was led by Dubai Partner Tom Cochrane with support from Associate Reghard Smith.

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