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Saturday November 21, 2020

Western Union acquires a 15% stake in STC Pay for $ 200 million

Western Union, the global remittance giant, managed to acquire 15% of the value of the Saudi financial technology company, STC Pay, affiliated with the Saudi Telecom Company, STC, for $ 200 million.

STCPay was established in 2018 as a digital wallet aiming to facilitate financial transactions and digital payments, and it quickly became one of the leading emerging financial technology companies in the region through the various options it provides, chief among them the ability to complete Western Union transfers through it.

According to Bloomberg, which reported the news, the value of STC Pay increased to $ 1.3 billion (5 billion Saudi riyals), becoming one of the few startups in the region whose value exceeds $ 1 billion.

The Saudi company plans to use the financial value obtained from the acquisition to support its digital portfolio and expand to more regions in the coming years.


Source:

Bloomberg

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