Friendi Group secures US$25 m in funding

Mikkel Vinter, CEO & Founder, Friendi Group

Dubai based leading MVNO/B-brand provider Friendi Group secured the funding of US$ 25 million to further accelerate expansion plans across the Middle East, Africa and Asia region. The new funding comprises US$10 million equity from new and existing shareholders, plus a US$15 million structured debt facility from Standard Bank. 

Friendi Group currently operates using a proven business model delivering significant benefits to its customers and mobile telecom operator partners in Oman, Jordan and Saudi Arabia. 

Commenting on the new funding Mikkel Vinter, CEO & Founder, Friendi Group said; “FRiENDi GROUP continues to expand rapidly, and benefit from telecom markets across the Middle East, Africa, and Asia region moving towards increasingly segmented customer propositions.” 

The US$ 10 million equity element of this funding is provided partly by existing Friendi Group shareholders, led by Dolphin International LLC of Oman, and partly by a new shareholder, National Technology Enterprises Company (NTEC) of Kuwait. Whereas, US$ 15 million structured debt facility has been provided by Standard Bank, a global bank with emerging market focus headquartered in South Africa. 

Mikkel further added, that, “The new funding from distinguished financial institutions and investors supports Friendi Group’s vision of establishing a multi-market regional footprint. We are particularly delighted that the approval of the Standard Bank facility follows an exhaustive bankability review by Standard Bank of FRIENDI GROUP’S operations and its future prospects”.