Unimoni completes acquisition of UAE-based Mawarid Exchange

By Delisha Fernandes

Unimoni, an India-based Financial Services provider, has completed its acquisition of Mawarid Exchange, a currency exchange company operating in the UAE.

Unimoni is expanding throughout the UAE following this acquisition to service its customers’ growing financial services needs for remittance, foreign exchange, and payment products.

As a result, Mawarid Exchange is now rebranded to “Unimoni Exchange LLC”. Unimoni has partnered with several key institutions to acquire and provide the most innovative financial technology platforms in the MENA region to deliver new financial products to customers and merchants through Unimoni’s expanding product line (subject to applicable regulatory approvals).

“The acquisition of Mawarid Exchange is the latest of several M&A transactions our group is
working on as part of the overall strategy of market consolidation,” said Sam Cherian, CEO of Unimoni Investments LLC. “This acquisition will help the group strengthen our presence in the UAE and bring us several steps closer towards becoming a market leader in the MENA region. We are very excited about the opportunities that lie ahead as the market grows, and we are launching new and innovative products & channels to our customers.”

The financial Services provider serves millions of customers in India, Oman, Qatar, Uganda, and Seychelles and is soon pursuing its expansion into Jordan, Kuwait, Saudi Arabia, and Bahrain (subject to regulatory approvals).