SHUAA Capital acquires majority stake in Souqalmal

SHUAA Capital acquires majority stake in Souqalmal

UAE-based investment firm SHUAA Capital has acquired a majority stake in UAE-based fintech Souqalmal for an undisclosed amount. SHUAA is set to join the company's existing strategic investors; Riyad Capital and UK-based comparison website GoCompare.

Founded by Ambareen Musa in 2012, Souqalmal offers a fully-integrated financial comparison platform, enabling both businesses and individuals to manage and take stock of their finances.

Last year, Souqalmal launched MoneyDoctor, a corporate financial literacy programme for employees.

It currently has operations in Saudi Arabia, Bahrain and the UAE.

The investment will allow the company to expand its product offerings and spur growth in its existing markets. 

Press release 

SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, 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 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