Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, has acquired international FinTech company MIR Limited.
MIR operates payments platforms and offers e-wallet solutions.
Investcorp Technology Partners, a European technology sector-focused unit of Investcorp, acquired the MIR business and all its assets, the Bahrain-based alternative asset manager said in a statement on Monday.
It did not disclose financial details of the deal.
“MIR Limited’s strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments,” Georg Knoflach, managing director at Investcorp Technology Partners, said.
“The acquisition marks the beginning of a fruitful partnership between Investcorp and the [MIR] business as we look to position it as a leader in the sector,” he said, adding that there are “exciting opportunities ahead – both organic and inorganic”.
Founded in 2016, MIR has more than one million registered users in 180 countries, including the UK, Germany, Italy, Canada and the Netherlands.
It offers wearable contactless payment technology, which integrates with its e-wallet and prepaid debit cards.
MIR, which has offices in seven countries, will continue to maintain its headquarters in the Isle of Man and its founder Israel Rosenthal will remain chief executive.
“ITP brings a proven track record of investment success, expertise and global network in the payments and technology sectors, which will help to realise the enormous growth potential for the [MIR] business,” Mr Rosenthal said.
Investcorp, which has assets worth more than $37 billion under management, has been on a deal-making spree in recent quarters.
It made five new private equity investments in the US and Europe, two add-on acquisitions and 11 investments in businesses across Asia in the 12-months to the end of June.
The Bahrain-based asset manager also spun off six private equity investments and sold several property assets in the US and Europe during the past financial year, it said in August.
Earlier this month, Investcorp and Riverside Investment Company said they sold a stake in Arrowhead Engineered Products to investment firm Genstar.
The company also completed the sale of its share in US-based workforce management firm PRO Unlimited to EQT Private Equity for an undisclosed sum, it said in a statement last week.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Sukuk
An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
UAE currency: the story behind the money in your pockets
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
