HomeBanking & FinanceShuaa acquires majority stake in financial technology company “Souq Al Mal”
By Economy Middle East
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March 21, 2022 3:05 pm

Shuaa acquires majority stake in financial technology company “Souq Al Mal”

Souq Al Mal to implement ambitious growth plan over 2 years
Shuaa
Shuaa

Shuaa Capital has announced has invested in Souq al Mal, a UAE-based financial technology company. This investment will provide the capital needed for growth, allowing “Souq Al Mal” to implement an ambitious growth plan over the next 24 months. Following the investment, Ambareen Moussa, founder, and CEO of Souq Al Mal, will continue to lead the company’s business and oversee the expansion of its services.

Shuaa joins the company’s current strategic investors, Riyad Financial and GoCompare UK, which will continue to be shareholders in the company.

Investment supports Shuaa strategy

 

This investment is supported by Shuaa Capital’s strategy to increase its digital offerings and enhance the investment and personal finance opportunities it provides to the consumer. This vision is also in line with Souq Al Mal’s future growth plan, which looks to strengthen its offerings and develop a personal financial management platform that includes both sides of financial education and awareness.

“Souq Al Mal” and staff financial education program Last year

 

Souk al-Mal launched its first financial education program for employees through its first-of-its-kind MoneyDoctor program in the region and the industry’s leading provider of customer voice representation to financial institutions.

This program reflects the first step towards realizing the company’s vision of allowing customers to educate themselves, obtain immediate pre-approval of their credit products, track their spending process, and grow their wealth, all across a single platform.

Companies such as Majid Al Futtaim, Karim, and Emirates Aircraft Catering Company are currently offering MoneyDoctor to their employees based on their belief in the essential role of financial health in ensuring the safety and comfort of the employee in general.

Financial issues are among the main causes of stress and low productivity in the working environment. As we emerge from two years of turmoil caused by the CORONA pandemic, financial health has become more important to staff as well as an important factor that chief executives need to consider to maintain the safety and comfort of employees.

Shuaa is excited to join Souq Al Mal

 

Fouad Tariq Khan, General Manager and Head of Investment Banking at Shuaa Capital, said: “We are excited to join Souq Al Mal and Ambarin Moussa as they seek to become an interactive personal finance management platform.

“We believe that Souq Al Mal and its financial education arm are able to enable clients to better understand, manage and develop their financial resources. As this company seeks to strengthen its offerings in the field of personal services and wealth management, Shuaa Capital will be optimally qualified to support the company’s access to new sets of capital, products and, most importantly, knowledge.”

“Souq Al Mal “: The Acquisition gives us what we need to move up the growth process

 

Ambareen Moussa, Founder and CEO of Souq al-Mal, said: “This acquisition gives our company what it needs today to improve its growth… It was both companies’ drive to digitize financial services that produced this partnership and provided the resources, talent, and funds needed to exploit the potential of the education sector.”