SHUAA Capital acquires majority stake in SouqAlMal
SHUAA Capital has completed a strategic investment in UAE-based fintech, Souqalmal, for a majority stake in the company. The investment will provide growth capital, allowing Souqalmal to execute on an ambitious growth plan over the next 24 months. SHUAA joins existing strategic investors Riyad Capital and UK comparison website, GoCompare, which will remain shareholders in Souqalmal.
This investment supports SHUAA’s strategy to increase its digital offerings and enhance personal finance and investment opportunities for the consumer. This vision is aligned with Souqalmal’s future growth, as it looks to strengthen its offering and develop a personal financial management platform that will include financial education and awareness.
Following the investment, Ambareen Musa, Founder and CEO of Souqalmal, will continue to lead the business and oversea the expansion of its services.
Musa, Founder and CEO of Souqalmal said, “This acquisition gives Souqalmal what it needs to now take the company to the next level. We are really looking forward to what we can do together with a partner like SHUAA Capital. The drive to digitization 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.”
Souqalmal launched the first corporate financial education program for employees last year through its MoneyDoctor Program. This program is the first step in delivering its vision of allowing customers to educate themselves, get instant pre-approval on their credit products, track their spending and grow their wealth, all on one platform.
Companies such as MAF, Careem, Emirates Catering are now all offering the MoneyDoctor Program to their employees making sure that financial health is a big part of employee wellness.
Fawad Tariq Khan, MD and Head of Investment Banking at SHUAA Capital, commented on the investment, “We are excited to join Souqalmal and Ambareen on their journey to becoming an interactive personal finance management platform. We believe that Souqalmal and its financial education have the ability to empower customers to understand, manage and grow their finances in a better way. As Souqalmal strengthens its personal and wealth management offering, SHUAA will be well positioned to help it access new pools of capital, products and more importantly knowledge.”