- UAE-based investment firm SHUAA Capital has acquired a majority stake in UAE-based fintech Souqalmal for an undisclosed amount. SHUAA is set to join the company's existing strategic investors; Riyad Capital and UK-based comparison website GoCompare.
- Founded by Ambareen Musa in 2012, Souqalmal offers a fully-integrated financial comparison platform, enabling both businesses and individuals to manage and take stock of their finances.
- Last year, Souqalmal launched MoneyDoctor, a corporate financial literacy programme for employees.
- It currently has operations in Saudi Arabia, Bahrain and the UAE.
- The investment will allow the company to expand its product offerings and spur growth in its existing markets.
SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, has successfully completed a strategic investment in UAE-based fintech, Souqalmal (the “Company”). The investment will provide growth capital, allowing Souqalmal to execute on an ambitious growth plan over the next 24 months.
Following the investment, Ambareen Musa, Founder and CEO of Souqalmal, will continue to lead the business and oversee the expansion of its services. 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. At the same time, this vision is aligned with Souqalmal’s future growth, as the Company looks to strengthen its offering and develop a personal financial management platform that will include financial education and awareness.
Souqalmal launched the first corporate financial education program for employees last year through its MoneyDoctor Program, the first of its kind in the region, and is recognized as the leading authority in the industry when it comes to representing the voice of the customer with financial institutions. 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. Financial issues are amongst the highest causes of stress and decreased productivity in the workplace, and as we emerge from the last 2 years of the COVID-19 pandemic, financial health has taken on greater importance for employees and is an important factor for CEO’s to consider in terms of employee retention and wellness.
Commenting on the investment, Fawad Tariq Khan, MD and Head of Investment Banking at SHUAA Capital, said: “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 arm 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 the Company access new pools of capital, products and more importantly knowledge.”
Ambareen Musa, Founder and CEO of Souqalmal says “This acquisition gives Souqalmal what it needs to now bring 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”