Egypt's Basata acquires additional stake in Madfoatcom
Egypt-based fintech Basata has increased its stake in Jordan's MadfoatCom to 25%.
This acquisition will further strengthen Basata's role in accelerating digital financial inclusion across the region and enhancing the digital payments infrastructure in Jordan.
Founded in 2009 after the merger between Masary and Bee, BASATA (formerly known as Ebtikar) is an e-payment platform specialised in bill payments, mobile money and supply chain solutions. Meanwhile, Madfoatcom, founded in 2011 by Nasser Saleh, is a Jordanian P.S.C. company that provides an online, real-time bill presentment and payment system.
Press release:
Basata Holding for Financial Payments S.A.E., a leading fintech company specialising in digital payments, has reinforced its position in Jordan by increasing its stake in MadfoatCom, the country's foremost electronic payment provider, to 25%. This strategic acquisition further strengthens Basata's role in accelerating digital financial inclusion across the region and enhancing the digital payments infrastructure in Jordan. The investment was executed in collaboration with a consortium of key Jordanian financial institutions, including Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), underscoring a collective commitment to advancing the fintech ecosystem and supporting Jordan's digital transformation agenda.
The acquisition was officially announced during a meeting at the Central Bank of Jordan, attended by the Governor of the Central Bank and key stakeholders. In addition to Basata, the new investors joining MadfoatCom include the Social Security Investment Fund (7%), Arab Bank, Housing Bank for Trade and Finance, Jordan Islamic Bank, and Jordan Kuwait Bank. With this transaction, the banking sector now collectively holds over 50% of the ownership in MadfoatCom, further solidifying its role as a key player in Jordan's financial ecosystem.
Basata's investment in MadfoatCom aligns with its long-term vision of expanding digital financial services across the region. By leveraging MadfoatCom's deep market expertise and infrastructure, Basata aims to introduce innovative payment solutions that enhance accessibility, efficiency, and financial inclusion for both businesses and consumers. The partnership will also focus on expanding digital payment services, including online and mobile transactions, money transfers, and bill payments. Additionally, a key emphasis will be placed on supporting small and medium-sized enterprises (SMEs) by providing digital financial tools that drive operational efficiency and growth.
Commenting on the acquisition, Mr. Aladdin Saba, Chairman of Basata, stated, 'Our strategic stake in MadfoatCom, in partnership with Jordan's most respected financial institutions, represents a pivotal step in our regional growth strategy. This collaboration will enable us to expand our network, introduce cutting-edge financial solutions, and create a more inclusive digital economy in Jordan and beyond.'
For his part, Eng. Nasser Saleh, Executive Chairman and Founder of MadfoatCom, added: 'This partnership marks a major milestone for Jordan's fintech sector. The collaboration between MadfoatCom, Basata, and our esteemed banking partners will drive financial innovation, expand service offerings, and strengthen our position as a leader in digital payments.'
The transaction was structured and facilitated by New York-based Anniston Capital Inc. and Imara Asset Management, which acted as exclusive financial advisors to Basata. Al Tamimi & Company in Jordan served as legal counsel.
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