Bahrain's GFH buys 70 percent stake in UAE-based Marshal
Mita Srinivasan
10x Industry

Bahrain's GFH buys 70 percent stake in UAE-based Marshal

Dubai-headquartered fintech, Marshal is the largest and oldest enabler of payment technology in the Middle East with 85 percent market share in UAE

Bahrain-based GFH Financial Group (GFH) has acquired a 70 percent stake in Marshal, a pan-MENA Fintech company. The acquisition was made through its investment banking arm, GFH Capital.

According to a statement from Hisham Alrayes, CEO of GFH, this transaction marks GFH’s second major technology investment, an area where the company is continuing to strategically focus in. Marshal’s long-standing track record, its consistently positive financial performance and strong leadership team make this a very unique and compelling proposition.

Alrayes commented, “We look forward to working together to enable Marshal to further accelerate its growth and already dominant market position through the development and delivery of next generation payment technologies.”

Marshal serves 16 countries and holds an 85 percent plus market share in the UAE and a majority share across other regional markets in which it operates. Marshal’s clients include the region’s largest payment gateways and financial institutions including Network International, National Bank of Abu Dhabi, Mashreq Bank, CrediMax and National Bank of Bahrain.

Anil Dhar, founder and chairman of Marshal, added: “With this important milestone, we are excited to work with GFH to take the company to the next level and maximise positive market dynamics. Our focus together will be on the unlocking of new opportunities, expansion in our existing territories and the ongoing and vigorous pursuit of even greater innovation to continue propelling us and our customers forward in terms of efficiency and the ability to more effectively capture and meet the vast market and consumer demand for state-of-the-art FinTech products and payment solutions.”

Gaurav Dhar, a technology entrepreneur and global FinTech investor, will continue to serve as CEO of the company.