Alinma Pay, a Saudi financial technology entity and the fintech arm of Alinma Bank, has recently placed an undisclosed investment into the venture capital fund Sukna, which is managed by Sukna Ventures. This investment is particularly aimed at backing emerging fintech companies in Saudi Arabia, the broader Middle East, and North Africa.
Founded in 2016 by Fares Bardissi and Hattan Tashkandi, Sukna Ventures zeroes in on early-stage startups in the Middle East, with a special emphasis on Saudi Arabia, Egypt, Bahrain, and the UAE.
Alinma Pay has a strategic orientation towards pouring capital into venture funds and directly into fintech firms within Saudi Arabia and beyond. Notably, it has previously injected funds into the Hambro Perks Oryx Fund, in addition to its current venture with Sukna.
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“Sukna Ventures is a bold fund that primarily focuses on nascent but promising startups in the early stages, particularly in the Middle East with a special focus on Saudi Arabia, Egypt, Bahrain, and the UAE,” stated Musaed Al-Khaled Al-Qadi, CEO of Alinma Pay. “This investment aligns with the strategic objectives of both the company and the bank’s clients.”
Al-Qadi further elaborated on Alinma Pay’s offerings, including the Alinma Pay digital wallet, the Click Pay payment gateway, and other financial products. The company’s strategy is in concert with the Kingdom’s Vision 2030, propelling investment into venture capital funds and strategic direct investment into the fintech sector both domestically and internationally.
