Basata Increases Stake in MadfoatCom to 25%, Expanding Presence in Jordan

Egyptian digital payments company Basata has increased its stake to 25% in Jordan’s MadfoatCom, a provider of electronic payment solutions, to strengthen its market presence and support the digital payments infrastructure in Jordan.

The deal also saw participation from new investors, including the Social Security Investment Fund (7%), Arab Bank, Housing Bank, Jordan Islamic Bank, and Jordan Kuwait Bank, with Jordanian banks collectively owning over 50% of MadfoatCom.

The partnership aims to develop e-payment services and enhance financial inclusion, particularly supporting SMEs.

Basata was founded in 2009 following the merger of Masary and Bee, while MadfoatCom was established in 2011 by Nasser Saleh.