Foodics takes minority stake in Funding Souq
The strategic investment strengthens an embedded-financing partnership for SMEs in Saudi Arabia and the UAE; its size was not disclosed.
Foodics has made a strategic minority investment in Funding Souq, adding an ownership relationship to the companies’ existing financing partnership. The investment was reported on October 13 and confirmed in Funding Souq’s October 14 announcement.
The partnership connects Funding Souq’s credit infrastructure with Foodics’ restaurant customer network. Sales and operating data from the restaurant platform can inform credit assessments and help tailor financing to merchants’ trading patterns.
The relationship began before the investment: Foodics named Funding Souq among its financing partners when it launched Capital 2.0 in September. The companies now plan to extend embedded financing into more sectors across Saudi Arabia and the UAE.
Use of funds
Expand embedded SME financing across Saudi Arabia and the UAE