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Enigmatic Smile Acquires Fidel API’s Loyalty Business
Fidel API, a financial infrastructure platform, has divested its loyalty business to Enigmatic Smile (ES), a customer rewards technology provider headquartered in London. The transaction, whose financial details remain undisclosed, encompasses all assets associated with Fidel’s loyalty business, including its customer base, partnerships, staff, technology platform, and brand.
Founded in 2014, ES specializes in offering loyalty program infrastructure to managers and clients worldwide. With integrations with over 20 financial enterprises, including industry leaders like Visa and Fiserv, ES aims to enhance connected reward programs through its flagship offering, Single.id, a cross-reward-program-identifier solution.
Bish Smeir, founder and CEO of ES, expressed enthusiasm about the acquisition, highlighting that ES now oversees 86 reward programs globally. Additionally, ES has appointed Carolina Paradas and Kevin Akerman to its leadership team to spearhead Fidel’s loyalty business.
Fidel API, recently rebranded as Astrada, was established in 2018 in the UK. It provides a platform that enables developers to create customizable experiences for card payments, ranging from digital receipts to expense management.
Explaining the decision to sell the loyalty business, Dev Subrata, Fidel’s founder and chairman, emphasized the company’s strategic focus on opportunities in spend management and additional financial use cases.
Source: fintechfutures.com
The post Enigmatic Smile Acquires Fidel API’s Loyalty Business appeared first on HIPTHER Alerts.
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eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
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