Equiti Group has announced its acquisition of Cloud Invest, a digital payment technology provider.

Equiti Group CEO and Co-founder, Iskandar Najjar, said: "As part of Equiti's strategic expansion plans, we are excited to move into the digital payment and services space, allowing for operational efficiencies and new revenue segments. Synergies between both companies will allow for smooth integration into our Group."

Chief Managing Director of Equiti Group and Co-founder, Mohamed Alahmad, said: "This strategic acquisition marks a significant step towards expanding our capabilities in the digital payments sector.

"By leveraging Cloud Invest's experience of over 10 years working with banks, financial institutions and partners such as Mastercard, Visa and Network International, Equiti aims to enhance our service offerings alongside Cloud Invest's deep expertise in this sector."

Chief Executive Officer of Cloud Invest, Otman Ayoujil, said: "We are thrilled to join Equiti Group and look forward to jointly becoming a unicorn in the global fintech space."

The global digital payments market size was valued at USD 81.03 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2023 to 2030, according to Grand View Research Global Digital Payment Market Size & Share Report, 2030  Global digital payment transactions were valued at over USD 8 trillion in 2022.