SHUAA Capital has successfully completed a strategic investment in UAE-based fintech, Souqalmal. 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 oversea 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 investment opportunities for the consumer. At the same time, this vision is aligned with Souqalmal’s future growth, as the Company looks to strengthen its offering and develop a personal financial management platform that will include financial education and awareness.
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.
Companies such as MAF, Careem, Emirates Catering are now all offering the MoneyDoctor Program to their employees making sure that financial health is a big part of employee wellness. Financial issues are amongst the highest causes of stress and decreased productivity in the workplace, and as we emerge from the last 2 years of the COVID-19 pandemic, financial health has taken on greater importance for employees and is an important factor for CEO’s to consider in terms of employee retention and wellness.
Also published on Medium.
