Morabaha Marina acquires 80% of Loop

Logos of Morabaha Marina Financing Co. and Digital Payments Company for FinTech (Loop)

Morabaha Marina Financing Co., specialized in consumer as well as small and medium-sized enterprises (SMEs) financing in Saudi Arabia, announced the acquisition of an 80% stake in Digital Payments Company for FinTech (Loop), a provider of digital payment services.

In a statement obtained by Argaam, Morabaha Marina noted that the deal will provide plenty of opportunities that will help the company expand its main financing and lending business. This is by providing a comprehensive and integrated platform for financing and payments services, solely tailored to meet the needs of the SME sector.

The acquisition also aims to create an integrated financial services environment based on technological solutions combining the services of both companies.

Furthermore, the deal will provide several opportunities for SMEs to secure a wide range of financing and payments solutions based on electronic wallets. This includes an array of new products and services that will be introduced after obtaining the Saudi Central Bank's (SAMA) approval on the acquisition.

The company also indicated that the deal would support the Kingdom's successful initiatives to promote e-payments. This is besides providing better services to SMEs, in addition to enabling them to achieve their goal of increasing the percentage of cash-free transactions to 70% by 2025.

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