News sells online payment arm CashU

Thursday 24 December 2015 09:33 CET | News, an ecommerce services provider, has sold its online payment arm CashU to local investors amid a uptick in mergers and acquisitions (M&A) despite the region’s economic woes.

CashU is an online payment platform that shoppers use to buy from stores on the internet. Dubai-based did not disclose the value of the deal. CashU’s general manager Thaer Suleiman and Dubai-based investment firm Genero Capital bought the business, which has operated in the MENA region since 2003.

Regional M&A rose in 2015 despite the crash in the price of oil and economic slowdown in energy-exporting countries in the Arabian Gulf region, the main regional M&A players. From January to September, 2015, the value of M&A in the MENA region reached USD 33.7 billion, up 23% from the same period in 2014, according to a report from Thomson Reuters and Freeman Consulting, reports.

Domestic and inter-Middle Eastern M&A decreased 2% year on year to USD 8.5 billion in the January-September, 2015 period, while inbound M&A rose 154% to USD 4.6 billion.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords:, sale, online payment, ARM, cashU, payment processor, online sales, Customers, mobile, ecommerce
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce