Equiti Group, which operates retail brokers across jurisdictions, announced today (Wednesday) the acquisition of digital payment technology provider Cloud Invest. The strategic deal will allow Equiti to move into the digital payments and services space.

Equiti Group Acquires Cloud Invest

"As part of Equiti's strategic expansion plans, we are excited to move into the digital payment and services space, allowing for operational efficiencies and new revenue segments for the Equiti Group," said Iskandar Najjar, the Co-Founder and CEO at Equiti Group. "Synergies between both companies will allow for smooth integration into our Group."

Cloud Invest specializes in transaction management and digital payment solutions, offering services to banks, retailers, micro-finance, and other industries. Its omnichannel payment solutions cover traditional electronic payment transactions and support new digital transactions.

"We are thrilled to join Equiti Group and look forward to jointly becoming a unicorn in the global fintech space," said Cloud Invest's CEO, Otman Ayoujil.

Digital Payments Space Is Aggressively Growing

The acquisition came when the digital payment market size was valued at $81.03 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20.8 percent until 2030, according to Grand View Research.

Equiti has become one of the major brands in the retail trading space. It operates with licenses from regulators in the United Kingdom, the United Arab Emirates, Jordan, Kenya, Seychelles, Armenia, and Cyprus.

The brokerage group opened an Abu Dhabi office earlier this year after setting up a physical presence in Cyprus. Establishing both these offices followed the gain of licenses in those jurisdictions. Most recently, Equiti entered Uganda with the FXPesa brand, launching a physical financial education center.

"This strategic acquisition marks a significant step towards expanding our capabilities in the digital payments sector," Mohamed Alahmad, the Co-Founder and Chief Managing Director of Equiti Group.

"By leveraging Cloud Invest's experience of over ten years working with banks, financial institutions, and partners such as Mastercard, Visa, and Network International, Equiti aims to enhance our service offerings alongside Cloud Invest's deep expertise in this sector."