Shaker completes 10% investment in Cashew KSA

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co.  (Shaker) announced concluding a 10% investment in Cashew Arabia Co. for Information Technology (Cashew KSA), the Saudi arm of Cashew Payments Holding Ltd.
 

The investment was made through the 90%-owned subsidiary Shaker Innovative Investments Co., Shaker said, adding that the expected financial impact is SAR 750,000.

The company signed, on June 19, a non-binding memorandum of understanding (MoU) with Cashew Payments for a possible investment by Shaker in Cashew KSA.

Upon final agreement, Shaker will own up to 40% of Cashew KSA. On the other hand, Cashew Payments will own no less than 60%.

This investment will support the launch of Cashew KSA’s activities in Saudi Arabia and support its growth as a strong fintech market participant and leader in the digital lending space.

Furthermore, the proposed investment will also allow for the smooth integration of Cashew KSA’s digital lending solutions that include buy now, pay later, with Shaker’s growing direct to retail segment.

The company also said this investment is a key milestone in its commitment to growth, innovation, and diversification, as it will leverage the combined retail expertise and reach of Shaker and Cashew KSA’s technology-led offering to meet the expanding and evolving demands of consumers.