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20 February 2020
TECHNOLOGY

Bahrain-based GFH acquires 70 per cent stake in Dubai’s Marshal

Gaurav Dhar, a technology entrepreneur and global fintech investor will continue to serve as CEO of Marshall, spearheading the company’s growth and innovation across markets and customer segments

Marshal was established in 1981 and is the largest, and oldest enabler of payment technology in the region/Shutterstock

by Kudakwashe Muzoriwa

Bahrain-based GFH Financial Group (GFH) has acquired a 70 per cent stake in Dubai’s Marshal, a leading pan-MENA fintech company, through its investment banking arm GFH Capital.

Hisham Alrayes, the CEO of GFH, said, “This transaction also marks GFH’s second major technology investment, an area where we are continuing to focus and strategically portfolio in.”

In a statement, GFH said that Marshal’s clients include the region’s largest payment gateways and financial institutions including Network International, National Bank of Abu Dhabi, Mashreq Bank, CrediMax and National Bank of Bahrain.

Marshal was established in 1981 and is the largest, and oldest enabler of payment technology in the region. The fintech firm serves 16 countries and holds an 85 percent market share in the UAE and a majority share across other regional markets in which it operates.

The deal will allow Marshal to expand within existing markets and engage in the vigorous pursuit of even greater innovation, said Anil Dhar, Marshall’s Chairman and Founder.

GFH’s first major tech investment was its acquisition of an 85 per cent stake in discount voucher app The Entertainer in 2018.


RELATED STORIES: Marshal GFH Financial Group

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