Investcorp Technology has acquired the business and assets of MIR Limited through its tech fund ITP. Investcorp's ITP has allowed the Bahraini asset management firm to establish a leadership position in tech companies focused on data analytics, IT Security, and FinTech. Through the acquisition of MIR, Investcorp wants more and more of the mid-sized FinTech action.
Want to know more about the lucky catch? MIR is a digital payment platform and e-wallet provider. It provides wearable contactless payment technology that integrates with the company's e-wallet and Mastercard prepaid cards. Founded in 2016, it has 1 million customers in over 180 countries — that's kind of as much as the population of Bahrain! MIR's CEO, Israel Rosenthal, will continue to guide the company from its HQs in the Isle of Man.
Why it matters
This is just the latest acquisition by Investcorp in the growing FinTech industry — perhaps something to do with Bahrain wanting to become MENA's FinTech hub by 2030. Recent acquisitions include Ubisense's Smartspace, Softgarden, and Calligo — so MIR may not be the last.
