Airtime credit services provider enables micro-loans for over 500 million mobile users
Waha Capital invests $55 million in fintech company Channel VAS
Waha Capital, an Abu Dhabi-based investment firm, has branched into fintech with a US$55 million investment in Dubai-headquartered credit service provider Channel VAS.
The fintech company, founded in 2012, provides airtime credit services for mobile telecoms operators in over 25 emerging markets, enabling micro payments and loans to over 500 million mobile subscribers.
“Through this acquisition, we are enhancing our portfolio by tapping into a high-potential industry and an innovative company backed by a best-in-class management team that already has an impressive track record, and is implementing a solid strategy for expansion.” said Salem Al Noaimi, CEO and Managing Director of Waha Capital.
Waha Capital described the acquisition as a “significant minority stake,” giving no further details.
The investment firm last month reported a 36 per cent fall in second-quarter net income, dragged down by an adjustment of Dh66.6 million against the share of income from the New York-listed airline leasing company AerCap Holdings in which it has a stake.