Saudi’s importer, manufacturer and distributor of air conditioners and home appliances Shaker Group has completed a 10 per cent investment in fintech company Cashew Arabia Company.
With this move, Shaker Group seeks to strengthen its e-commerce and retail platforms and tap into the vast potential in the segment as consumers increasingly adopt digital financing solutions and e-commerce is growing exponentially, projected to reach $11.52 billion in this year, according to Statista.
CEO of Shaker, Group Mohammed Ibrahim Abunayyan, said: “We are confident that our partnership with Cashew KSA will bring about significant growth opportunities for both companies in the rapidly expanding digital lending space, including the BNPL market in Saudi Arabia.
“We look forward to supporting Cashew KSA in their efforts to launch and accelerate their market share growth within the sector in the Kingdom.”
The investment follows a Memorandum of Understanding between the two companies in June 2022 and was made through its subsidiary Shaker Innovative Investments Company – 90 per cent of which is owned by Shaker Group.
Also, this acquisition is hoped to further reinforce Shaker Group’s position in the digital retail space and drive innovation in the e-commerce market, which is forecast to grow in keeping with the Saudi government’s 2030 vision to achieve a cashless society.
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.
CEO and co-founder at Cashew Saudi Arabia, Ammar Afif, said: “Saudi Arabia continues to see tremendous growth in the retail and e-commerce sector, and with Shaker Group’s extensive experience in the retail market and its commitment to innovation, we are confident that our partnership will drive significant growth for both companies.
“With their support, we can build the infrastructure needed to meet the demand for digital lending solutions in the region’s fastest-growing consumer market. Together we will enable Saudi consumers with a wide variety of digital lending products, a financial management hub and provide a compelling user experience. We are thrilled to have Shaker Group as a strategic investor in Cashew KSA.”
