Waha Capital, an Abu Dhabi-based investment company, has acquired a significant minority stake in Dubai-based Channel VAS, a rapidly growing financial technology company. Waha Capital’s new investment is approximately $55 million.

The acquisition adds to the diversification of Waha Capital’s principal investment portfolio, which holds stakes in several companies, including New York-listed aircraft leasing firm AerCap Holdings NV and UAE-based oil and gas services firm, National Petroleum Services.

"Through this acquisition, we are enhancing our portfolio by tapping into a high-potential industry and an innovative company backed by a best-in-class management team that already has an impressive track record, and is implementing a solid strategy for expansion," said Salem Al Noaimi, CEO and Managing Director of Waha Capital.

Channel VAS operates in over 25 emerging markets and providing micro finance lending solutions to over 500 million mobile network subscribers, who often do not have access to other financial services.

On his part, Bassim Haidar, founder and CEO of Channel VAS, said, "It is a great pleasure to welcome Waha Capital, a premium investment company, among our stakeholders. This strategic investment creates a win-win situation, as both parties are leaders in their respective fields." Haidar added, "This partnership will further cement Channel VAS' leading position on the FinTech front and will support us in providing even more innovative services and financial solutions to hundreds of million people all over the world, most of which are without easy reach of traditional financial services."