UNITED ARAB EMIRATES: SHUAA Capital (DFM: SHUAA), the main asset administration and funding banking platform within the region, has accomplished a strategic funding in UAE-based fintech, Souqalmal.
The funding will present growth capital, permitting Souqalmal to execute on an ambitious growth plan over the subsequent 24 months.
Following the investment, Ambareen Musa, Founder and CEO of Souqalmal, will proceed to lead the enterprise and oversee the expansion of its services. SHUAA joins existing strategic investors Riyad Capital and UK comparability web site GoCompare, which will stay shareholders in Souqalmal.
This funding helps SHUAA’s technique to extend its digital choices and improve private finance and funding alternatives for the consumer. At the identical time, this imaginative and prescient is aligned with Souqalmal’s future growth, because the Company looks to strengthen its providing and develop a private monetary administration platform that will include monetary education and awareness.
Souqalmal launched the primary firm monetary education program for workers final year through its MoneyDoctor Program, the primary of its kind within the region, and is acknowledged because the main authority within the industry when it involves representing the voice of the buyer with monetary institutions.
This program is step one in delivering its imaginative and prescient of permitting customers to educate themselves, get instant pre-approval on their credit score products, track their spending and develop their wealth, all on one platform.
Companies such as MAF, Careem, Emirates Catering are now all providing the MoneyDoctor Program to their employees ensuring that monetary well being is a big a half of worker wellness.
Financial points are amongst the highest causes of stress and decreased productiveness within the workplace, and as we emerge from the final 2 years of the COVID-19 pandemic, monetary well being has taken on greater significance for workers and is an important issue for CEO’s to consider in phrases of worker 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 private finance administration platform. We believe that Souqalmal and its monetary education arm have the ability to empower customers to understand, handle and develop their funds in a greater way. As Souqalmal strengthens its private and wealth administration offering, SHUAA will be well positioned to assist the Company entry new swimming pools of capital, merchandise and extra importantly knowledge.”
Ambareen Musa, Founder and CEO of Souqalmal says, “This acquisition gives Souqalmal what it must now bring the firm to the subsequent level. We are actually looking ahead to what we can do along with a partner like SHUAA Capital. The drive to digitization of monetary services is the place the 2 companies actually clicked and with this marriage brings resources, expertise and the funds we have to actually tackle the under penetrated monetary education industry”.
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