Digital payment solutions provider Arab Financial Services plans to raise US$98 million to boost revenue growth and strategic expansion.
Shareholders of the company approved plans to increase the company’s authorised share capital to US$150 million, and its issued and paid-up share capital to US$ 98 million, according to a statement by the company. The decision is subject to approval by the Central Bank of Bahrain approval.
Arab Financial Services is majority-owned by Bank ABC.
“We are excited to embark on this new journey in our growth trajectory. Aided by this funding, [Arab Financial Services] will strengthen its digital payments and fintech offering, expand into new markets with even more ground-breaking payments solutions, and further solidify its position in the MEA financial ecosystem,”
said Sael Al Waary, the company’s Chairperson. Al Waary is also the Deputy Group CEO at Bank ABC.
The company initially provided travellers’ cheques followed by cards processing, and today functions as a core payment processing, fintech, and merchant acquiring business, Al Waary added.
Its digital payment solutions include debit, credit, and Islamic card processing, merchant acquiring, fintech, and value-added services. The company has a presence in Bahrain, where it is headquartered, as well as the UAE, and Oman.
The company has recently been entering into a string of partnership agreements, including with NymCard, PaySky Solutions, and stc Bahrain. Arab Financial Services is behind solutions such as bwallet, a mobile wallet service in Bahrain, and AFS Go! for MSME payments in Bahrain.
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