SHUAA Capital, Dubai Financial Market (DFM) listed, leading investment banking platform, has successfully acquired a major stake through a strategic investment in the UAE-based fintech, Souqalmal.
The investment will provide growth capital, allowing Souqalmal to execute an ambitious growth plan over the next 24 months.
Following the investment, the founder and CEO of Souqalmal, Ambareen Musa, 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.
Additionally, 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’s financial education programme for employees
The Dubai-based fintech launched the first corporate financial education programme for employees last year through its MoneyDoctor Program, the first of its kind in the region.
The firm is recognized as the leading authority in the industry when it comes to representing the voice of the customer with financial institutions.
The MoneyDoctor Program is the first step in delivering its vision of allowing customers to educate themselves, get instant pre-approval on credit products, track 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 among the highest causes of stress and decreased productivity in the workplace, and as industries emerge from the last two years of the Covid-19 pandemic, financial health has taken on greater importance for employees. This remains an important factor for CEOs to consider in terms of employee retention and wellness.
Commenting on the investment, the managing director and head of Investment Banking at SHUAA Capital, Fawad Tariq Khan, 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.”
The founder and CEO of Souqalmal, Ambareen Musa, said: “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.”
He concludes that both the companies had the main goal to achieve the resources, talent, and funds with the digitization of financial services for taking on the under-penetrated financial education industry.
