VC React Podcast (Episode #24)

In this week's episode of the VC React Podcast, we used two major funding rounds—crowd-lending platform Lendo and AI agents platform Qeen.ai – as a launchpad to explore the evolution of fintech in Saudi Arabia, the transparency challenge in startup metrics, whether MENA startups need a physical presence to scale and if MENA could develop its own DeepSeek?

We started with Lendo, the Saudi fintech that secured a $690M warehouse facility led by J.P. Morgan to expand SME financing. As one of the largest debt financing deals for a MENA fintech, we debated whether this signals growing institutional confidence in alternative lending. This led to a deeper dive into the evolving balance between banks and fintechs, particularly the interplay between debt and equity financing. We also tackled the transparency challenge, questioning why startups and VCs remain cautious about sharing performance metrics and whether this could change as the ecosystem matures.

Next, we explored Qeen.ai, the AI-powered e-commerce startup that raised a $10M Seed round led by Prosus Ventures. With AI transforming online commerce, we examined how Qeen.ai is automating marketing and sales while prioritizing MENA over U.S. and European markets. This sparked a broader discussion on whether startups need a physical presence in the region to scale or if deep market understanding is enough. We also explored AI’s competitive edge in MENA, debating whether regional startups can differentiate beyond technical capabilities and if business model innovation might be the true key to long-term success.
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This week, Ahmad and I had the pleasure to be joined by:

Asjid Hayat, Venture Partner @ Palm Ventures

Dina Toukan, Investment Manager @ ISSFJO

Marwan Mohammad, Angel Investor, and Venture Builder @ Gia

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