Egypt-based fintech company Basata has raised its stake in Jordan’s leading digital payments provider, MadfoatCom, to 25%, solidifying its role in advancing financial inclusion and digital payments in the region. The investment was made in collaboration with Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), bringing Jordan’s banking sector’s total ownership of MadfoatCom to over 50%, further integrating it into the country’s financial ecosystem.
Basata, founded in 2009 following the merger of Masary and Bee, is a prominent e-payment platform specializing in bill payments, mobile money, and supply chain solutions. MadfoatCom, founded in 2011 by Nasser Saleh, provides an online real-time bill presentment and payment system. This acquisition supports Basata’s strategy to expand digital financial services, using MadfoatCom’s expertise to deliver innovative payment solutions for businesses and consumers, with a focus on enhancing mobile and online payments, money transfers, and bill payments, especially for SMEs.
The announcement took place at a meeting at the Central Bank of Jordan, attended by key stakeholders. Aladdin Saba, Chairman of Basata, referred to the move as a “pivotal step” in regional expansion, while Nasser Saleh, Executive Chairman of MadfoatCom, highlighted the deal’s potential to drive financial innovation and strengthen Jordan’s digital payments landscape. The transaction was facilitated by Anniston Capital Inc. and Imara Asset Management, with legal counsel provided by Al Tamimi & Company in Jordan.
