Egypt-based fintech company Basata has increased its stake in Jordan’s leading digital payments provider, MadfoatCom, to 25%. This move reinforces Basata’s commitment to advancing financial inclusion and enhancing digital payments across the region. The investment is made in collaboration with Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), among other financial institutions. As a result, Jordan’s banking sector now holds over 50% of MadfoatCom, further integrating it into the country’s financial ecosystem.
Basata, formerly known as Ebtikar, specializes in bill payments, mobile money, and supply chain solutions. Founded in 2009 after the merger of Masary and Bee, Basata has positioned itself as a key player in the digital financial services sector. Meanwhile, MadfoatCom, established in 2011 by Nasser Saleh, provides an online, real-time bill presentment and payment system.
The acquisition is part of Basata’s strategy to expand digital financial services by leveraging MadfoatCom’s expertise in payments, money transfers, and bill payments, with a special focus on supporting SMEs through digital financial tools. The partnership is seen as a significant step in Jordan’s digital transformation efforts.
Aladdin Saba, Chairman of Basata, called the move a “pivotal step” in the company’s regional expansion, while MadfoatCom’s Executive Chairman, Nasser Saleh, highlighted its potential to drive financial innovation. The transaction was facilitated by Anniston Capital Inc. and Imara Asset Management, with legal counsel from Al Tamimi & Company in Jordan.
