Net interest income also rose during the reporting period, while provision for impairment losses on financial instruments fell to Dh4.8m from Dh22m in the previous year.
Last year, Shuaa also led a funding round for music streaming platform Anghami, which is set to become the first technology firm from the Middle East region to list on the Nasdaq in New York, following a merger with a blank-cheque company.
“The investment is aligned with Shuaa’s investment criteria and interest in pursuing investments in the technology space but also supports its aim of creating significant value for its investors,” Shuaa Capital said.
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Los Angeles based Fintech InvestCloud Completes Recapitalization, Wealth Platform Now Valued at $1B
California-headquartered Fintech firm
According to a release, new financial investors are led by
Motive Partners with
Clearlake Capital Group, L.P. and also includes other InvestCloud client shareholders. Under the terms of the deal, Motive Partners will be contributing two portfolio businesses,
Finantix and
John Wise, InvestCloud’s Co-founder and CEO, stated:
“The recapitalization achieves our first objective. At a valuation of $1 billion, we can reward early investors in the business, while injecting new capital to fuel the next stage of our growth, further supporting our clients’ needs. Crucial to our ultimate objective – which is to build the world’s largest financial supermarket – is the partnership with Rob and the Motive team, Clearlake and the Tegra118 and Finantix businesses.”