Monday, 20 September 2021 11:56 GMT

SoftBank makes first direct investment in Saudi company


(MENAFN- Trend News Agency ) SoftBank has made its first direct investment in Saudi Arabia, co-leading with a government-owned fund a $125 million financing rounding in communications company Unifonic, the start-up said, Trend reports with reference to Reuters .

The investment will be used by the Riyadh-headquartered firm to expand its products to more customers, it said in a statement.

SoftBank co-led the investment through its Vision Fund 2 alongside state fund Sanabil Investments.

Unifonic, which provides online and mobile communications services, says it has quadrupled in size in less than three years and is now processing over 10 billion transactions on its platform each year.

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