Saudi Venture Capital Company (SVC) has launched an $80 million investment to back up the fintech industry. The venture capital fund was in partnership with the Capital Market Authority (CMA) and the Financial Sector Development Programme (FSDP).

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, affiliated with the National Development Fund. It aims at stimulating and sustaining financing for startups and SMEs from pre-seed to pre-IPO, investing $1.6 billion through investment in funds and co-investment in startups.

The new funds will be used for the launch of the “Investment in Fintech VC Funds” product as a part of its investment in the Fund program which would stimulate the establishment of VC funds in the fintech sector in line with the requirements of the capital market authority (CMA).

SVC is targeting tapping at the growth recorded in the fintech sector in Saudi Arabia which accounts for 24% of the total VC funding in the country with $239 million raised, achieving a growth of 167% compared to 2021.

SVC invested in 35 funds that have invested in 525 companies through 904 deals.