Shaker Group, a major manufacturer of air conditioners and home appliances, has invested in Cashew KSA, a subsidiary of Cashew, a finance and payment app.
Shaker Group, a Saudi Arabian importer, manufacturer and distributor of air conditioners and home appliances, has announced the completion of a 10% investment in Cashew KSA, a subsidiary of Cashew Payments Holding Limited. The two companies signed a Memorandum of Understanding (MoU) in June 2022. The investment was made through Shaker Innovative Investments Company, which is 90% owned by Shaker Group.
Shaker Group – Unlocking digital options
With the deal, Shaker Group aims to strengthen its e-commerce and retail platforms and unlock the potential of the segment as consumers increasingly adopt digital financing solutions and e-commerce continues to experience sustained growth in Saudi Arabia. The Saudi e-commerce market is projected to reach USD 11.98 billion in 2023, according to Statista and the Saudi government is aiming for a 70% cashless society as part of its Vision 2030 agenda. Shaker Group aims to strengthen its position as a leader in the e-commerce market and to drive innovation.
Digital lending and BNPL
Mohammed Ibrahim Abunayyan, CEO of Shaker, said, “We are excited to have finalized this investment in Cashew KSA, which aligns with our strategic initiatives of growth and innovation. 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 [buy now pay later] 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.”
Ammar Afif, CEO and Co-founder at Cashew KSA, 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, and a financial management hub and provide a compelling user experience. We are thrilled to have Shaker Group as a strategic investor in Cashew KSA.”
Social commerce startup Bumpa raised USD 4 million in a Seed round to further expand its offerings in Nigeria. In recent months, e-commerce has emerged as a major target for investment across the MENA region.