Warply, the leading mobile wallet provider and No1 AI loyalty solution, announces today the acquisition of Mobideals, a merchant value-added services company, in a cash and stock deal.
The acquisition of Mobideals is part of a wider strategy of acquisitions to further support top-line revenue and strengthen Warply’s partner ecosystem around the globe, where Warply has already established presence.
Warply first touched base in the MENA region in 2017 and has been growing ever since. Existing partnerships include issuing banks, acquirers, master merchants, and PSPs in UAE, Kuwait, and KSA and correspond to a mere 15% of its global revenue with a consistent 75% growth each year. Mobideals leadership team and existing merchant partners will be operating under Warply’s brand from now on, adding significant domain knowledge in the instant payment and regional regulatory framework fields. With this acquisition, Warply aims to strengthen its presence in KSA and UAE further aiming for a 120% growth during 2021.
“The acquisition of Mobideals emphasizes our commitment towards growth acceleration in the MENA region, a part of the world we have presence since 2017,” said John Doxaras, CEO of Warply. “We are excited to partner with an experienced team during important times in the regions, just when Qatar is once again “open for business” and Kingdom of Saudi Arabia is set to lead the fintech race in the region.”
Mr. Chris Symiriotis, Mobidelas founder and CEO also commented “We are very pleased to conclude the agreement as we found synergies and common aspirations with Warply in the area of value-added services for the payment industry. By combining Mobideals local market knowledge and Warply’s advances AI-powered platform and international exposure, the company will now bring a unique proposition to the market”.