UAE-based leading asset management and investment banking platform, SHUAA Capital has successfully completed a strategic investment in UAE-based fintech, Souqalmal, to provide growth capital, which will allow the firm to execute an ambitious growth plan over the next 24 months.
Following the investment, the founder and CEO of Souqalmal, Ms. Ambareen Musa will continue to lead the business and supervise the expansion of its services. SHUAA joins existing strategic investors Riyad Capital and UK comparison website GoCompare, which will remain shareholders in Souqalmal.
This new investment supports SHUAA’s strategy to maximize digital offerings and enhance individual financial and investment opportunities for customers. Meanwhile, as the company seeks to strengthen its offer and develop a personalized financial management platform that includes financial education and awareness, this vision is aligned with the future growth of Souqalmal.
Souqalmal launched the first corporate financial education program for employees last year through its MoneyDoctor Program, the first of its kind in the region, and is recognized as the leading authority in the industry when it comes to representing the voice of the customer with financial institutions. This program is the first step in delivering its vision of allowing customers to educate themselves, get instant pre-approval on their credit products, track their spending and grow their wealth, all on one platform.
To ensure financial health for employee well-being, companies such as MAF, Careem, and Emirates Catering are offering the MoneyDoctor program to their employees. Financial problems are one of the leading causes of workplace stress and declining productivity, and as health emerges from the effects of the COVID-19 pandemic, in terms of employee survival and well-being, financial health becomes more important to employees.
Commenting on the investment, Mr. Fawad Tariq Khan, MD and Head of Investment Banking at SHUAA Capital, stated that “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.”
Ms. Ambareen Musa, Founder, and CEO of Souqalmal remarked that “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 the 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.”
