Qatar Islamic Bank (QIB) has acquired QPAY International’s acquiring business for an undisclosed amount as the bank continues to build its fintech capabilities.
The business was offloaded by global fintech venture studio Nexxo Ventures, the majority shareholder of QPAY. CIGP, an investment boutique firm, advised on the deal.
“We see tremendous growth opportunities in financial services in emerging markets, and we shall continue our commitment to investing and accelerating digital banks and fintechs in high-growth markets such as the Middle East, Africa and Asia,” said Nebil Ben Aissa, CEO and founder of Nexxo Ventures.
QIB, the largest Shariah bank in Qatar by assets, has a long-standing relationship with QPAY. In 2018, the bank launched the State’s first Islamic point of sale and online payment gateway in collaboration with QPAY to support its corporate and SME business banking needs.