Cashew Payments Holding, a fintech start-up headquartered in the UAE, has attracted more support for the imminent launch of Cashew KSA, its operations in Saudi Arabia, with Saudi wholesale and retail trade company Al Hassan Ghazi Ibrahim Shaker Co (Shaker) looking into a possible investment into the former.
Shaker, which specializes in the import, manufacturing and distribution of air conditioners and home appliances, signed an MoU with Cashew for a proposed investment in the launch of Cashew KSA and its activities, and to support the fintech company’s “growth as a strong market participant for fintech solutions in the Kingdom”.
Under the proposal, Shaker will hold shareholdings of up to 40% while Cashew holds no less than 60%, applicable upon the final agreement between both parties. An exclusivity period of 90 days begins from the effective date of the 19th June 2022, when the MoU was signed.
Cashew’s buy-now-pay-later services have been available in both the UAE and Saudi Arabia since 2020, offering both Shariah compliant and conventional financing options for merchants and consumers on their web and mobile app platform.
This year, Cashew announced its plans to launch its KSA office, and recently, entered into a deal with Mashreq Bank that supports Cashew’s rollout of Shariah compliant point-of-sale financing services in the Kingdom.
Cashew also runs an Islamic digital lending platform in Pakistan under the brand Muawin, and has plans to further expand in the GCC region and into Egypt.