GulfBase Live Support
Waha Capital, an Abu Dhabi-based investment firm has acquired a significant minority stake in a local fintech company valued at $55 million, the company executives said on Wednesday.
Waha is taking a minority stake in Dubai based Channel VAS, a rapidly growing fintech company. The exact stake was not disclosed.
“Through this acquisition, we are enhancing our portfolio by tapping into a high-potential industry and an innovative company backed by a best-in-class management team that already has an impressive track record, and is implementing a solid strategy for expansion.” said Salem Al Noaimi, CEO and Managing Director of Waha Capital.
Operating in over 25 emerging markets, Channel VAS is providing micro finance lending solutions to over 500 million mobile network subscribers, who often do not have access to other financial services. It provides airtime credit services, micro cash loans, handset loans and credit services for prepaid utilities across Middle East, Africa, Asia and Europe.
“This partnership will further cement Channel VAS’ leading position on the fintech front and will support us in providing even more innovative services and financial solutions to hundreds of million people all over the world, most of which are without easy reach of traditional financial services,” said Bassim Haidar, founder and CEO of Channel VAS during a press conference in Abu Dhabi.
He said the company started its operations with an idea to offer credit to consumers when they run out of airtime and grew rapidly in a short span of time. “It was like an experiment which ended up being extremely successful initially in small African countries and expanded to more than eleven markets in Africa and by the end of this year we are expected to be in seventeen African markets,” he added.
Channel VAS has exceeded the $1 billion mark in loans in 2016. It provides micro-loans as low as $10 to 20 cents.
Waha Capital, a leading investment company based in Abu Dhabi, UAE, has acquired a significant minority stake worth $88 million in Dubai-based Petronash Holdings, a global oilfield services and manuf
Abu Dhabi investment firm Waha Capital plans to hire more people as it seeks to start new funds, one of which will target undervalued US and European equities.
“Our strategy is to increase
Abu Dhabi investment firm Waha Capital PJSC plans to hire more people as it seeks to start new funds, one of which will target undervalued US and European equities.
“Our strategy is to incr
Mashreq, the oldest bank in the UAE, is all set to take its digital transformation journey to the next level by extending the use of internet, mobile solutions, social media, artificial intelligence
Bank Nizwa, Oman’s go-to reference of Islamic finance, conducted two educational workshops as part of its nation-wide road show, the "Islamic Finance Knowledge Series".
With the objective
Times of Oman
Emaar Development, the global developer, has partnered with Noor Bank, a leading Shari’a-compliant bank in the UAE, to offer an exclusive, fast-track home financing programme for UAE residents and in
The Gulf Today
Dana Gas said on Wednesday its nine months net profit fell to Dh149 million from Dh458 million in the same period last year. However, revenues in the same period rose 6 per cent at Dh351 million. Th
Gains from the acquisition of another district cooling entity helped Tabreed record a 10 per cent net profit growth to Dh319.3 million for the period from January to end of September.