Dubai-based asset management and investment banking platform Shuaa Capital has acquired a controlling stake in Souqalmal as part of its strategic investment in the fintech firm.

Financial terms of the transaction were not disclosed.

The investment will provide the growth capital needed for Souqalmal to drive its growth plan in the next 24 months.

The firm is planning to strengthen its offering and launch a personal finance management platform that will include financial education and awareness.

It will continue to be led by CEO and founder Ambareen Musa.

Last year, Souqalmal launched its corporate financial education programme for employees through its MoneyDoctor Programme.  

This programme is currently offered by MAF, Careem, and Emirates Catering to their employees.

Musa said: “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 digitisation 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.”

Shuaa joins Souqalmal’s existing strategic investors Riyad Capital and UK-based comparison website GoCompare, which will remain shareholders.

The investment follows Shuaa’s strategy to expand its digital offerings and scale up its personal finance and investment opportunities for consumers.

Shuaa Capital managing director and head of investment banking Fawad Khan said: “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.”

In 2019, Shuaa Capital agreed to merge operations with investment manager Abu Dhabi Financial Group.