Foodics Invests in Funding Souq to Expand Restaurant Financing

Saudi fintech Funding Souq has secured a strategic investment from Foodics, with the restaurant technology company becoming a major investor in the round.

Funding Souq operates a Shariah-compliant crowdfunding and SME financing platform regulated by the Saudi Central Bank and the Dubai Financial Services Authority. Its products include business loans, invoice financing and supplier financing across Saudi Arabia and the UAE.

The partnership will allow Funding Souq to offer embedded financing to restaurants and hospitality businesses using Foodics, with sales and operational data used to assess creditworthiness and tailor financing to individual merchants. Funding Souq founder and CEO Martin Jaouni said the companies have also created what he described as Saudi Arabia’s first fully automated business loan.

The investment comes as Foodics expands its own financial services offering through Capital 2.0, an automated financing product for restaurants. The company plans to deploy $100 million through Capital 2.0 during its first year.

Funding Souq says more than 10,000 investors have joined its platform and is targeting $1 billion in SME financing over the next three years. Foodics, meanwhile, is looking to broaden its role beyond restaurant operations technology into financial services for the hospitality sector.