Saudi Arabia's Shaker Group acquires 10% stake in BNPL startup Cashew
With this investment, Shaker Group aims to strengthen its ecommerce and retail platforms and unlock potential in the segment.
Al Hassan Ghazi Ibrahim Shaker Co (Shaker Group) has acquired a 10% stake in UAE-based buy-now-pay-later (BNPL) fintech startup Cashew Arabia Company for Information Technology (Cashew KSA) for an undisclosed amount.
With this investment, Saudi Arabia-based Shaker Group plans to strengthen its ecommerce and retail platforms, through the adoption of digital financing solutions, and also unlock the potential in the segment, according to a press release in Wamda.
This investment follows the memorandum of understanding signed between the two entities in June last year.
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The partnership will lead to significant growth opportunities for the companies in the digital lending space, including the BNPL market in Saudi Arabia, said Mohammed Ibrahim Abunayyan, CEO, Shaker Group.
Founded in 1950, Shaker Group is an importer, manufacturer and distributor of air conditioners and home appliances.
Cashew was founded by Ammar Afif and Ibtissam Ouassif in 2019.
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Edited by Affirunisa Kankudti
