The Taken Seat, one of the first digital venture builders in the MENA region, has taken a non-control stake in MyFatoora, the leading online payment
service provider in the GCC region.
The Taken Seat is a Kuwait-based venture builder that leverages an internal complementary ecosystem of talent, proprietary knowledge, infrastructure and other critical resources to build multiple new ventures across the MENA region. Founded by brothers Musab and Abdullah Almutawa, it seeks to ideate and identify new lucrative business opportunities in the GCC and wider MENA region, to found and execute those ideas, to accelerate the growth of these ventures, to facilitate access to institutional funding, and ultimately to aid in achieving successful exits.
MyFatoora, established in 2016, is the leading and fastest growing payment service provider in the GCC. Its various payment methods are known for their ease of integration, excellent customer care, and locality. MyFatoora was one of the first players to introduce alongside its innovative payment gateways, services as wide ranging as invoicing solutions, POS solutions, and shipping services in collaboration with DHL. MyFatoora also continuously adapts its products and services to the constantly changing commercial and regulatory needs, allowing businesses to better scale.
“We were impressed with MyFatoora’s innovativeness, strategy, and with how local they were,” said The Taken Seat’s co-CEO Musab Almutawa. “We are thrilled to partner up with the MyFatoora team and will strive to help them grow at an even faster rate,”
Abdullah Almutawa, co-CEO of the Taken Seat added: “We firmly believe that MyFatoora has the ability to change the payment and fintech landscape in the region, and we are committed to helping them achieve that.”
Abdullah Aldabous, CEO of MyFatoora, said “The Taken Seat team has shown an incredible affinity and understanding of the GCC region. We look forward to working with them to provide even more creative solutions, better customer service, and faster growth.”
The parties have agreed not to disclose financial details of the transaction.
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