SHUAA Capital psc 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 oversea 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.
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”
