Dubai based Social Fintech company EQ Group LLC (EQG), the company with the super app ecosystem, flaim, announced a strategic partnership with Bahrain-based fintech Infinios Financial Services B.S.C.(c) (Infinios). Infinios provides digital banking and payment technology solutions that facilitate open integration between financial institutions and the fintech ecosystem and drive financial inclusion through the take-up of innovative digital financial services products.
To strengthen the strategic partnership between the companies, nDigital Ventures (nDigital), an incubator and accelerator to fintech and digital platform businesses, acquired a meaningful equity stake in EQG; both Infinios and nDigital are subsidiaries of nDigital Holdings SPC, a group holding company based in the Cayman Islands.
EQG, having developed and built the super app ecosystem, flaim, which combines social media, digital and fiat payments, a marketplace, gaming and other complimentary services within a single ecosystem, has partnered with Infinios to use its banking as a service (BaaS) platform to enable flaim users to pool digital and fiat assets and access IBAN accounts, cards, contactless payments, transfers and remittances, and other related ancillary services within numerous jurisdictions.
“The partnership with Infinios allows us to scale our business quickly, while integrating leading edge fintech and digital banking services for our growing community of over half a million flaim users,” stated Derek Roga, the CEO of EQ Group. “Furthermore, having a secure and reliable partner whose aggressive growth and continual development of innovative fintech services such as the virtual pooling of digital and fiat assets, truly enables our ecosystem of users by providing access to deeply-embedded state-of-the-art financial services directly within flaim. This new functionality will drive aggressive subscriber growth and enhanced engagement across the EMEA region.”
Andrew Sims, CEO, of nDigital and Infinios said, “We are delighted to be welcoming flaim into nDigital’s accelerator program and empowering their product offering using the Infinios Infinite Financial Solutions platform. Our belief in their business model and ambitious growth plans, resulted in us taking a meaningful equity position in EQ Group through nDigital and committing Infinios to a long-term enablement partnership that will enhance flaim’s overall value proposition. Infinios’ digital banking and issuing and acquiring processing technologies, combined with its direct and indirect access to banking and payment services licenses across the EMEA and North American regions, are an excellent complement to flaim’s social media distribution channels and digital asset capabilities. The integration and customizations will enable flaim and Infinios to benefit from dynamic market penetration and rapid growth across multiple segments and distribution models.”
Complete terms of the Infinios strategic relationship and equity participation in EQG by nDigital have not been disclosed, however, EQG, Infinios and nDigital are committed to providing frequent updates on their progress and commercial growth.