OMA Emirates Group has announced the creation of the OMA Emirates FinTech Fund with a corpus of $23 Mn. The fund looks to first focus on digital payments-specific startups, with a broader scope for other startups in the hotly contested fintech sector.
The fund will deploy $3 Mn of the total corpus in payments-focussed startups that have been in operation for less than 12 months. The $20 Mn will be invested in other kinds of companies in the fintech space.
Commenting on OMA Emirates’ move to set up a fund in Indian fintech, Niranj Sangal, Group CEO of the OMA Emirates Group said, “OMA Emirates is predominantly a financial technology company. We are firm believers that innovation is the key today and that it is stepping stone for any company. Keeping this in mind, the payments space, particularly in India has evolved with several remarkable innovations. Nearly 60 to 65% of Indian startups having tremendous potential to produce a great product cease operation primarily due to lack of funds. With the OMA Emirates FinTech Fund, we aim to aid such fintech startups which we believe will be a credible asset to OMA Emirates.”
According to an official statement, OMA Emirates will provide support in terms of technology, R&D, practices and Go-to Market strategy. It is focussed on growing and developing fintech startups in addition to providing capital support. The OMA FinTech Fund will commence investments in India shortly, according to the same statement.
An Overview Of OMA Emirates Group’s Forays In Indian Fintech
A division of Al-Owais Group and based out of UAE, OMA Emirates Group is a fintech company that provides digital payments solutions. Some of these solutions include card printers and embossing products, payment terminals for card payments, wireless payment terminals and mobile payments terminals, thermal printers and multi-feeders etc. It claims to be operating in over nine countries, with a presence in Eastern Europe, APAC and Africa.
The company mainly caters to clients in the BFSI space, retail, oil & gas, telecom and more. It counts prominent names such as Bank of Sharjah, HSBC, the National Bank of Abu Dhabi as clients, among others.