- UAE-based fintech Cashew has raised an undisclosed investment from Saudi company Shaker Group, for a 10% stake.
- Founded in 2019 by Ammar Afif and Ibtissam Ouassif, Cashew is a buy now pay later (BNPL) fintech, while Shaker Group, founded in 1950, is a Saudi AC importer and manufacturer and distributor.
- The investment will allow Shaker Group to strengthen its e-commerce and retail platforms by adopting digital financing solutions.
Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker Group”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced today the completion of a 10% investment in Cashew Arabia Company for Information Technology (“Cashew KSA”), the subsidiary of Cashew Payments Holding Limited (“Cashew Holding”). The investment follows the Memorandum of Understanding (MoU) between the two companies in June 2022 and was made through its subsidiary Shaker Innovative Investments Company which is 90% owned by Shaker Group.
Through this strategic investment, Shaker Group aims to strengthen its e-commerce and retail platforms and unlock significant potential in the segment as consumers increasingly adopt digital financing solutions and e-commerce continues to experience sustained growth in the Kingdom, projected to reach $11.52 billion in 2023 (statista*1). This move is expected to further solidify Shaker Group's position as a leader in the digital retail space and drive innovation in the e-commerce market, which will continue to grow in line with the Saudi government’s 2030 vision to have a 70 per cent cashless society.
Mr Mohammed Ibrahim Abunayyan, CEO at Shaker, said: "We are excited to have finalized this investment in Cashew KSA, which aligns with our strategic initiatives of growth and innovation. We are confident that our partnership with Cashew KSA will bring about significant growth opportunities for both companies in the rapidly expanding digital lending space, including the BNPL market in Saudi Arabia. We look forward to supporting Cashew KSA in their efforts to launch and accelerate their market share growth within the sector in the kingdom."
Mr Ammar Afif, CEO & Co-founder at Cashew KSA, said: “Saudi Arabia continues to see tremendous growth in the retail and e-commerce sector, and with Shaker Group's extensive experience in the retail market and its commitment to innovation, we are confident that our partnership will drive significant growth for both companies. With their support, we can build the infrastructure needed to meet the demand for digital lending solutions in the region’s fastest-growing consumer market. Together we will enable Saudi consumers with a wide variety of digital lending products, and a financial management hub and provide a compelling user experience. We are thrilled to have Shaker Group as a strategic investor in Cashew KSA.”