Dubai Financial Market- listed Shuaa Capital has invested in UAE-based fintech Souqalmal that will help the company grow over the next two years.
Souqalmal launched the first corporate financial education program for employees last year through its financial education MoneyDoctor Program.
“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,” Ambareen Musa, founder and CEO of Souqalmal said.
Following the investment, Musa will continue to lead the business and oversee the expansion of its services. Shuaa joins existing strategic investors Riyad Capital and UK comparison website GoCompare, which will remain shareholders in Souqalmal.
“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,” said Fawad Tariq Khan, MD and head of investment banking at Shuaa Capital.
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 among the highest causes of stress and decreased productivity in the workplace, and as we emerge from the last two years of the Covid-19 pandemic, financial health has taken on greater importance for employees and is an important factor for CEOs to consider in terms of employee retention and wellness.
