Basata Increases Stake in MadfoatCom to 25% with Jordanian Bank Support
Deal News | Feb 25, 2025 | Zawya
In a strategic move to bolster its presence in Jordan's digital payments landscape, Basata Holding for Financial Payments has raised its stake in MadfoatCom to 25%. This increased investment was made in cooperation with Jordanian financial entities, specifically Jordan Kuwait Bank and the Social Security Investment Fund. As a result, the banking sector's collective stake in MadfoatCom now exceeds 50%, underscoring a strengthened role in the country's financial ecosystem. This initiative is in line with Basata's strategy to broaden digital financial services across the region. The partnership aims at advancing digital payment services, improving accessibility, and supporting SMEs with digital tools. The transaction was facilitated by Anniston Capital Inc. and Imara Asset Management, with legal counsel from Al Tamimi & Company in Jordan.
Sectors
- Financial Services
- Technology
Geography
- Jordan – The primary location where MadfoatCom operates and where the investment is targeted is Jordan.
- Egypt – Basata Holding, the investing company, is headquartered in Egypt, making it a relevant geography for the article.
Industry
- Financial Services – The article focuses on Basata's investment in MadfoatCom, highlighting the expansion of digital financial services and payments infrastructure.
- Technology – With its focus on electronic payments and digital solutions, the article underscores the role of technology in transforming financial transactions in the region.
Financials
- 25% – The increased stake Basata now holds in MadfoatCom.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Basata Holding for Financial Payments | Investor | Company | An Egyptian financial services company focusing on expanding digital payment solutions in the region. |
| MadfoatCom | Target Company | Company | A leading electronic payment provider in Jordan. |
| Jordan Kuwait Bank (JKB) | Collaborating Institution | Company | A key Jordanian financial institution involved in the investment. |
| Social Security Investment Fund (SSIF) | Collaborating Institution | Government | A governmental investment fund in Jordan participating in the investment. |
| Anniston Capital Inc. | Financial Advisor | Company | A New York-based company that facilitated the investment transaction for Basata. |
| Imara Asset Management | Financial Advisor | Company | Served as a financial advisor to Basata alongside Anniston Capital Inc. |
| Al Tamimi & Company | Legal Counsel | Company | Acted as the legal advisor for the transaction in Jordan. |