The Dubai International Financial centre’s (DIFC) FinTech Fund aims to accelerate the development of financial technology in the region by investing in start-ups from incubation through to growth stage.
Tuesday 12, March 2019 BY KUDAKWASHE MUZORIWA
The DIFC has appointed Middle East Venture Partners (MEVP) and Wamda Capital to manage part of its $10 million FinTech fund to support the growth of financial technology companies in the region.
HE Essa Abdulfattah Kazim, the Governor of the DIFC, said that MEVP and Wamda, two of the region’s biggest venture capital funds, will invest and oversee fintech start-ups on behalf of DIFC.
“We are looking forward to working closely with our partners at DIFC to develop a vibrant fintech ecosystem serving the needs of our wider region,” added Khaled Talhouni, Partner at Wamda Capital.
According to Mena Research Partners (MRP), fintech start-ups are expected to attract $2 billion in investments over the next decade, compared to just $150 million worth of private-funding investments in such start-ups over the past 10 years, while the number of fintech companies across Mena will rise from 130 to 260.