Arab Financial Services Secures $50 Million Investment to Boost Digital Payment Solutions

Manama, Bahrain – Arab Financial Services (AFS), a leading provider of digital payment solutions headquartered in Manama, has successfully secured a significant $50 million capital injection. This strategic investment aims to enhance AFS’s offerings and expand its market reach, reinforcing its position in the rapidly evolving fintech landscape.

Founded in 1984, AFS has established itself as a premier provider of a range of digital payment services, including merchant and fintech acquiring, as well as debit, credit, and Islamic card processing. With offices and data centers in the UAE, Bahrain, Egypt, and Oman, AFS plans to leverage the new capital to expand into new markets and scale operations. This includes utilizing its Egyptian payments license to boost acquiring market activities.

The investment comes at a crucial time, as AFS reports making notable progress in 2023, including an expanded client base, completed migrations, and the launch of its Wallets-as-a-Service solution. The company is also working toward launching merchant acquiring services in the UAE and eyeing African markets for growth in its processing business.

“Securing this investment is a testament to our commitment to transforming the digital payment landscape in the region,” said [AFS CEO’s Name], CEO of Arab Financial Services. “With these funds, we will focus on innovation and ensure that our clients benefit from the latest technological advancements in digital payments.”

Among its recent partnerships is a collaboration with ila Bank, a Bahraini mobile-only digital bank, where AFS agreed to power its prepaid Bahraini-denominated card offering last year. This partnership highlights AFS’s strategic focus on collaboration to enhance its service offerings.

The $50 million capital injection marks a significant milestone for AFS and reflects the growing confidence investors have in the fintech sector, particularly in the Middle East. The company is poised to continue its trajectory of growth and innovation, further establishing its reputation as a key player in the digital payments arena.

About Arab Financial Services

Arab Financial Services is a premier digital payments solutions provider dedicated to offering innovative financial technologies that empower businesses and consumers across the region. Headquartered in Manama, Bahrain, AFS is committed to fostering a cashless economy and driving the adoption of digital financial solutions, regulated by both the Central Bank of Bahrain and the Central Bank of Egypt.

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