The venture builder will specialise in fintech, insurance and regulatory technologies in the Middle East.
Revival Lab, a Saudi-based venture builder, has launched a new venture builder called Fintactics that will specialise in fintech, insurance and regulatory technologies in the Middle East. The new venture is supported by a SAR 150 million (almost $40 million) fund managed by Arbah Capital to invest in promising startups in Saudi Arabia, the Middle East, and across the world.
“As a venture builder specialised in fintech, we seek to make Fintactics Ventures the initiator and supporter of rapid growth in the sector on solid foundations,” Haitham Al-Sahafi, CEO of Fintactics Ventures, tells StartupScene. “We seek to create an attractive environment for competition and entrepreneurship by providing resources and capabilities through cooperation to accelerate the development process in startups, and be among the recent organisations to strengthen the national ecosystem in the field.” Fintactics is also keen on supporting innovative financial technologies across the world. It has recently partnered with a bank in Brazil, Banco de Brazil, to provide them with fintech solutions and blockchain technology.
Saudi Arabia’s startup ecosystem has been booming lately despite the funding crunch taking place globally. In the first three quarters of the year, the country witnessed an increase in funding of 93% annually, surpassing record funding in FY 2021 by 50%, according to data platform Magnitt. Fintech received the lion’s share of funding rising by an annual 266% in the first nine months of the year.
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