News

OSN-Anghami Merger Creates New MENA Media Giant

The combined entity will leverage Anghami’s advanced infrastructure to enhance the streaming experience, with OSN integrating 18,000 hours of premium content.

Published

5 months ago

April 5, 2024

Nour Nasir

Anghami

In a significant development, OSN has secured a controlling stake in Anghami, consolidating its position as the Middle East’s premier online media and streaming service provider. Initially announced in November 2023, the acquisition has now received all necessary regulatory approvals.

Anghami stands out as the leading music technology platform in the Middle East and North Africa, boasting a strong market presence and rapid growth. With OSN Group now owning 55.45% of Anghami’s shares (valued at $3.69 each, representing a 1.9x of the closing price on March 28), the combined entity emerges as a formidable media force.

This strategic move unites 120 million registered users and around 2.5 million paid subscribers, and will generate nearly $100 million in revenue upon completion. The merger integrates OSN+’s extensive library of premium video content, spanning 18,000 hours, with Anghami’s vast catalog of over 100 million songs and podcasts.

Moreover, the combined entity will leverage Anghami’s advanced technological infrastructure to enhance the streaming experience through AI-driven hyper-personalization and upcoming cutting-edge products.

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Elie Habib, co-founder and CTO of Anghami will assume the role of CEO in the merged company, underscoring a commitment to continuity and expertise. Meanwhile, Joe Kawkabani will remain at the helm as CEO of OSN Group.

Anghami’s journey has been marked by several transformative deals, including a SPAC buyout culminating in a listing on Nasdaq New York, reflecting its evolution and resilience in the market.

The Middle East’s media landscape continues to witness dynamic shifts, evident in notable events such as the high-profile IPO of Saudi MBC Group on Tadawul and the acquisition of Starzplay Arabia by e& Group’s E-Vision and ADQ. The developments highlight the region’s growing dominance of the global media industry.

News

Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

21 hours ago

September 12, 2024

Nour Nasir

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.