Funding Souq Secures Strategic Investment from Foodics

• Saudi fintech company Funding Souq has secured a strategic investment from Foodics, a company specializing in restaurant management technology and financial services, to expand integrated financing solutions for small and medium-sized enterprises (SMEs) in Saudi Arabia and the UAE, making Foodics a key investor in this round, without disclosing the investment amount or the stake acquired.
• Founded by Martin Jouni, Funding Souq provides Sharia-compliant financing solutions for SMEs, including term financing and financing for invoices and suppliers, operating under the supervision of the Saudi Central Bank (SAMA) and the Dubai Financial Services Authority (DFSA).
• The partnership will enable the provision of integrated financing solutions to Foodics' network of restaurant and hospitality clients, relying on sales data and operational performance to assess creditworthiness and provide financing that meets the needs of businesses.
• Funding Souq's platform includes over 10,000 investors and aims to facilitate financing of up to $1 billion for SMEs over the next three years.

Press Release:

Funding Souq, a crowdfunding platform for small and medium-sized enterprises compliant with Sharia law and supervised by the Saudi Central Bank (SAMA) and the Dubai Financial Services Authority, announced that it has received a strategic investment from Foodics, the leading platform in restaurant management technology and fintech in the MENA region, making Foodics one of the key investors in this funding round. The investment aims to support the growth journey of Funding Souq and expand integrated financing opportunities for SMEs.

The deal combines the regulated financing infrastructure of Funding Souq and its expertise in SME credit with the technical capabilities and market share of Foodics. Specifically in the restaurant and hospitality sector, Funding Souq will be able to offer its financing solutions to Foodics' client network, based on restaurant sales data and performance in assessing creditworthiness, allowing for financing that aligns with the nature of these businesses.

The deal coincides with Foodics' expansion of its financial services through Capital 2.0, its automated solution for restaurant financing, as the company plans to provide $100 million in financing through it in its first year. The launch and investment together reflect Foodics' direction towards integrating access to capital into the core of its restaurant technology ecosystem.

Martin Jouni, founder and CEO of Funding Souq, said: "We are pleased to collaborate with Foodics; together we have developed the first fully automated business financing solution in Saudi Arabia, combining Foodics' extensive reach in the restaurant and hospitality sector with our regulated financing infrastructure, enabling funding to reach merchants at the moment they need it. This step represents an important acceleration in our integrated financing journey, which we intend to extend to every sector where SMEs lack adequate financing services in Saudi Arabia and the UAE."

Anas Al-Ghanem, Vice President of Investments and Corporate Development at Foodics, stated: "Funding Souq has successfully built a distinguished financing platform with significant potential for expansion and serving a broader segment of SMEs. We see this investment as an opportunity to support the next phase of the company's growth, combining its financing capabilities with Foodics' technology ecosystem, enabling us to expand financing services to make our clients' access to capital smoother."

This investment also aligns with Foodics' long-term vision to expand its business beyond restaurant technologies and transform into a more comprehensive financial services platform, ultimately aiming to become a bank serving the restaurant and hospitality sector.

Funding Souq has built a community of over 10,000 investors through its platform, while moving towards its goal of facilitating $1 billion in financing for SMEs over the next three years, continuing to expand its Sharia-compliant solutions.

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