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Dubai-based investment bank and asset manager Shuaa Capital has acquired a majority stake in price comparison fintech Souqalmal for an undisclosed sum.
The company said its investment will provide growth capital to allow Souqalmal to execute an ambitious growth plan
over the next two years, including the development of a personal finance management platform.
Souqalmal launched financial education programme MoneyDoctor last year and it is now offered by employers including MAF, Careem and Emirates Catering.
Fawad Tariq Khan, managing director and head of investment banking at SHUAA Capital, said that the asset management firm "will be well positioned to help the company access new pools of capital, products and, more importantly, knowledge.”
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
