Souq.com Sells On­line Pay­ment Arm Cashu

Arabnet - The Quarterly - - Industry Stories -

The re­gional e-com­merce site Souq.com has sold Cashu for an undis­closed amount to Cashu’s Gen­eral Man­ager Thaer Suleiman, and the Dubai-based in­vest­ment firm Gen­ero Cap­i­tal. Tamer Baz­zari, CEO of Gen­ero Cap­i­tal, said: “This is the first ‘man­age­ment buy­out’ deal in MENA sup­ported by a fi­nan­cial spon­sor and should en­cour­age more en­trepreneurs to con­sider such a struc­ture.” Cashu was founded in 2003 by the ecom­merce site Mak­toob, which was later bought by Ya­hoo!. The com­pany is a Mena-fo­cused on­line pay­ment busi­ness op­er­at­ing in Ara­bic and English. The com­pany’s cus­tom­iz­a­ble in-house so­lu­tions are con­sid­ered an im­por­tant con­ver­sion tool for e-com­merce. “With Cashu’s 12 years of ex­pe­ri­ence in MENA, we un­der­stand how to build prod­ucts and of­fer ser­vices that best suit the buy­ing be­hav­iors of the end users re­sid­ing in the Ara­bic speak­ing mar­kets,” he said. Suleiman, who joined Cashu in 2010, said their plans are con­sis­tent with most of the re­gion’s Cen­tral Banks’ vi­sions of de­vel­op­ing a cashless so­ci­ety. This is the se­cond fin­tech ad­di­tion to Gen­ero’s port­fo­lio, fol­low­ing the ac­qui­si­tion of the mo­bile pay­ment busi­ness Bolero ear­lier. Ac­cord­ing to The Na­tional this ac­qui­si­tion will be fol­lowed by up to three deals in 2016. In 2015, e-com­merce trans­ac­tions in the MEA made up close to 50% of to­tal trans­ac­tions, and the sec­tor has gen­er­ated a lot of in­ter­est by big play­ers such as Pay­fort, who ac­quired the Uae-based White Pay­ments last year, and Telr, who merged with In­no­vate Pay­ments in 2014 and also se­cured an in­vest­ment from Hatcher (Sin­ga­pore) and IMENA. Net­work In­ter­na­tional, a lead­ing pay­ment so­lu­tions provider in the re­gion also signed an agree­ment with Quisk Middle East to de­ploy a cashless, card­less, and mo­bile-free pay­ment method in the UAE.

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