Egypt-Based Fintech Basata Expands Stake In Jordan’s MadfoatCom To 25%

Egypt-based fintech Basata has increased its stake in Jordan’s leading digital payments provider, MadfoatCom, to 25%, reinforcing its role in advancing financial inclusion and digital payments across the region.

The investment was made in collaboration with Jordan Kuwait Bank (JKB) and the Social Security Investment Fund (SSIF), among other financial institutions. As a result, Jordan’s banking sector now collectively holds over 50% ownership in MadfoatCom, further integrating it into the country’s financial ecosystem.

Founded in 2009 after the merger between Masary and Bee, Basata (formerly known as Ebtikar) is an e-payment platform specialised in bill payments, mobile money and supply chain solutions. Meanwhile, Madfoatcom, founded in 2011 by Nasser Saleh, is a Jordanian P.S.C. company that provides an online, real-time bill presentment and payment system.

This acquisition aligns with Basata’s strategy to expand digital financial services, leveraging MadfoatCom’s expertise to introduce innovative payment solutions for businesses and consumers. The partnership will focus on enhancing online and mobile payments, money transfers, and bill payments, with a special emphasis on supporting SMEs through digital financial tools.

The announcement was made during a meeting at the Central Bank of Jordan, attended by key stakeholders, underscoring the significance of the deal in Jordan’s digital transformation agenda.

Aladdin Saba, Chairman of Basata, called the move a “pivotal step” in the company’s regional expansion, while MadfoatCom’s Executive Chairman, Nasser Saleh, emphasized its potential to drive financial innovation and strengthen Jordan’s digital payments landscape.

The transaction was facilitated by New York-based Anniston Capital Inc. and Imara Asset Management, with Al Tamimi & Company in Jordan providing legal counsel.