FRiENDi secures funding for further expansion

Dubai-based FRiENDi Group, which operates as a mobile virtual network operator (MVNO) and mobile virtual network enabler (MVNE) in Oman, Jordan and Saudi Arabia, has secured USD25 million in new funding to accelerate its expansion plans across the Middle East, Africa and Asia. The new funding comprises USD10 million equity from new and existing shareholders, plus a USD15 million structured debt facility from Standard Bank. Commenting on the new funding, Mikkel Vinter, CEO and founder of FRiENDi Group, said; ‘FRiENDi continues to expand rapidly, and benefit from telecoms markets across the Middle East, Africa, and Asia region moving towards increasingly segmented customer propositions. The new funding from distinguished financial institutions and investors supports FRiENDi Group’s vision of establishing a multi-market regional footprint.’