Virtual payments solution provider Arab Financial Services says that it intends to acquire $98 million in capital in order to support its revenue growth and strategic expansion efforts.
Shareholders of the company have reportedly approved plans to increase the firm’s authorized share capital to $150 million, and its issued and paid-up share capital to $98 million.
The decision is currently subject to customary approval by the Central Bank of Bahrain.
Arab Financial Services is majority-owned by Bank ABC.
Sael Al Waary, the firm’s Chaiman (Al Waary is also the Deputy Group CEO at Bank ABC), stated:
“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.”
The firm had initially offered travelers’ cheques followed by cards processing, and currently operates as a core payment processing, Fintech, and merchant acquiring business, Al Waary confirmed.
Its virtual payment solutions reportedly include debit, credit, and Islamic card processing, merchant acquiring, Fintech, and various value-added services. The firm maintains a presence in Bahrain, where it has its head offices, with additional locations in the United Arab Emirates (UAE) and Oman.
The firm recently entered several different partnership agreements, including with NymCard, PaySky Solutions, and stc Bahrain.
Arab Financial Services is behind key solutions like bwallet, which is an online mobile wallet service in Bahrain, and AFS Go! for MSME payments in the Middle Eastern country.
Arab Financial Services aims to:
- Deliver innovative and integrated digital payments and FinTech solutions that help all our customers grow their business.
- Win, retain and maximize relationships with customers to build enduring partnerships.
- Maximize shareholder value by delivering solid, sustainable and profitable growth.
- Attract and develop highly committed and accountable teams of professional individuals to provide the best services that meet and exceed our clients’ expectations.
The firm has more than 35 years’ experience “delivering electronic payments outsourcing & fintech services in the MENA region.”
Their focus areas include: Card Processing. Fintech Services. Merchant Acquiring Services. The firm is reportedly owned by 37 banks and financial institutions. It has more than 75 clients in more than 20 countries.