Dubai – Mubasher: Shuaa Capital has acquired a majority stake in the UAE-based fintech company, Souqalmal, enabling the latter to implement a growth plan over the next two years.
Shuaa has joined other existing investors in Souqalmal, including Riyad Capital and GoCompare, the UK-based comparison website, according to a press release on Monday.
The transaction is in line with Shuaa's strategy to raise its digital services and promote personal finance and investment opportunities for consumers.
The Managing Director and Head of Investment Banking at Shuaa Capital, Fawad Tariq Khan, said: "As Souqalmal strengthens its personal and wealth management offering, SHUAA will be well-positioned to help the Company access new pools of capital, products, and more importantly knowledge."
Meanwhile, the Founder and CEO of Souqalmal, Ambareen Musa, commented: "The drive to the digitisation of financial services is where the two companies really clicked and with this marriage brings resources, talent and the funds we need to really take on the under-penetrated financial education industry."
