MANAMA: GFH Financial Group (GFH) has acquired a 70 per cent stake in Marshal, a leading pan-Mena fintech company, through its investment banking arm GFH Capital.
Dubai-based Marshal, established in 1981, is the largest and oldest enabler of payment technology in the Middle East.
It serves 16 countries and holds an 85pc plus market share in the UAE and a majority share across other regional markets in which it operates.
Supporting its market leading position is a more than 30-year relationship with Verifone, which has a more than 40pc share of the global point of sale devices market.
Marshal’s clients include the region’s largest payment gateways and financial institutions including Network International, National Bank of Abu Dhabi, Mashreq Bank, CrediMax and National Bank of Bahrain, to name a few.
Commenting, GFH chief executive Hisham Alrayes said, “This transaction also marks GFH’s second major technology investment, an area where we are continuing to focus and strategically portfolio in. Marshal’s long standing track record, its consistently positive financial performance and strong leadership team make this a very unique and compelling proposition and we look forward to working together to enable the company to further accelerate its growth and already dominant market position through the development and delivery of next generation payment technologies.”
Marshal founder and chairman Anil Dhar said, “With this important milestone, we are excited to work with GFH to take the company to the next level and maximise positive market dynamics. Our focus together will be on the unlocking of new opportunities, expansion in our existing territories and the ongoing pursuit of even greater innovation in terms of efficiency and the ability to more effectively capture and meet the vast market and consumer demand for state-of-the-art fintech products and payment solutions.”
Gaurav Dhar, a technology entrepreneur and global fintech investor, will continue to serve as CEO of the company.
deNovo Corporate Advisors acted as sole financial adviser to GFH on the acquisition, whereas Freshfields Bruckhaus Deringer acted as legal adviser.
BonelliErede acted as legal adviser to Marshal.
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