Egypt's Basata lifts MadfoatCom stake to 25% in Jordan fintech push
What's the deal? Egypt-based Basata Holding for Financial PaymentsDealroom has a profile for this one. Try Dealroom → has increased its stake in Jordanian electronic payment provider MadfoatComDealroom has a profile for this one. Try Dealroom → to 25%. The investment was made alongside a consortium of Jordanian financial institutions, including Jordan Kuwait BankDealroom has a profile for this one. Try Dealroom → and the Social Security Investment FundDealroom has a profile for this one. Try Dealroom →.
Who's involved? Basata, founded in 2009, is an e-payment platform focused on bill payments, mobile money, and supply chain solutions. MadfoatCom, founded in 2011 by Nasser Saleh, runs an online, real-time bill presentment and payment system.
How it's structured: Alongside Basata, new investors include the Social Security Investment Fund with 7%, Arab BankDealroom has a profile for this one. Try Dealroom →, Housing Bank for Trade and Finance, Jordan Islamic BankDealroom has a profile for this one. Try Dealroom →, and Jordan Kuwait Bank. The banking sector now collectively holds over 50% of MadfoatCom.
The deal was announced at the Central Bank of Jordan, with the Governor and other stakeholders present. New York-based Anniston CapitalDealroom has a profile for this one. Try Dealroom → and Imara Asset ManagementDealroom has a profile for this one. Try Dealroom → advised Basata; Al Tamimi & Company served as legal counsel.
What's the endgame? Basata plans to use MadfoatCom's infrastructure to roll out payment products spanning online and mobile transactions, money transfers, and bill payments. A key focus is giving small and medium-sized enterprises digital tools to run more efficiently.
What they're saying: The stake "represents a pivotal step in our regional growth strategy," said Aladdin Saba, chairman of Basata. Nasser Saleh, executive chairman and founder of MadfoatCom, called the partnership "a major milestone for Jordan's fintech sector."
The signal: The deal reflects a wider consolidation trend, with regional payment players and banks pooling resources to build out digital infrastructure. For Basata, it deepens a cross-border footprint beyond Egypt as Jordan pushes its digital transformation agenda.
Read more: startuprise.org
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