Abu Dhabi investment firm Waha Capital has acquired a $55m, minority stake in Dubai-based Channel VAS, a rapidly growing financial technology company.
Channel VAS, operating in over 25 emerging markets, provides micro finance lending solutions to over 500 million mobile network subscribers, many of whom do not have access to other financial services.
Waha Capital said the acquisition adds to the diversification of its principal investment portfolio, which holds stakes in several companies, including New York-listed aircraft leasing firm AerCap Holdings and UAE-based oil and gas services firm, National Petroleum Services.
“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.
Bassim Haidar, founder and CEO of Channel VAS added, "It is a great pleasure to welcome Waha Capital, a premium investment company, among our stakeholders. This strategic investment creates a win-win situation, as both parties are leaders in their respective fields.”
Channel VAS provides airtime credit services, mobile value added services, micro cash loans, handset loans, and credit services for pre-paid utilities, to subscribers of mobile telecommunications network providers in the Middle East, Africa, Asia and Europe.
At the heart of its services is a cutting-edge proprietary credit scoring platform that relies on several data points to analyse financial behaviour, thus employing a unique cost-effective manner to provide micro-loans as low as $10 to 20 cents.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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