Arab Financial Services, a digital payments solutions firm and FinTech enabler in the Middle East and Africa, has successfully secured $50m.
According to Zawya, this funding, endorsed by AFS shareholders at an Extraordinary General Meeting earlier this year, aims to strengthen the company’s financial health and fuel its ambitious expansion strategies.
The company has announced that the capital will be channelled into broadening its operational base, enhancing its current product lineup, and fostering innovation within the digital payments sector. Arab Financial Services is renowned for its robust service offerings, including advanced solutions like AFS Pay and AFS One, which serve a wide array of merchant categories.
With this fresh infusion of capital, AFS is well-positioned to accelerate its growth plans. The funds are earmarked for territorial expansion, scaling operations within existing markets, and capitalizing on its Payment Services Provider license in Egypt to enhance its acquiring market activities. In the UAE, AFS is on course to introduce merchant acquiring services and is also eyeing the African market to expand its processing business.
“This strategic investment will empower AFS to innovate, expand, and elevate our market position,” stated Samer Soliman, chief executive officer of AFS. “By leveraging technology and AI, we are committed to delivering exceptional value to our shareholders and customers through enhanced products and services.”
In 2023, AFS achieved significant milestones including successful bank migrations, securing new clients, and launching the innovative ‘Wallets as Service’. Moreover, the company has made substantial advances in its acquiring business across Bahrain, Oman, and Egypt. The introduction of the AFS Open Banking hub has also played a pivotal role in promoting financial inclusion and innovation across the region.
Previously, AFS has demonstrated a strong track record of securing investments and driving forward its strategic initiatives, indicating a robust growth trajectory supported by its shareholders’ confidence in its business model and market strategy.
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