Wallets/magnati
Magnati
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Overview
Magnati is UAE's First Abu Dhabi Bank (FAB) carve-out payment-processor, formed April 2021 [1, 2, ae-cro]. February 2022 — FAB sold 60% stake to Brookfield Business Partners for implied valuation up to $1.15 billion [3]; FAB retained 40% stake + long-term relationship agreement.
2024-2025 strategic merger [4]: FAB + Brookfield announced 100% acquisition of Network International + plan to combine Magnati + Network International under Network Project Holdings 1 Ltd. 2025 — merger completion: Magnati operations merged into Network International LLC under Brookfield-led consortium with FAB.
Combined post-merger metrics: $400B+ combined TPV + 250+ FIs + 240K+ merchants + 20M+ cardholders + 50+ markets.
History
April 2021 — FAB completed payments business carve-out + launched MAGNATI brand [2].
February 2022 — FAB sold 60% stake to Brookfield Business Partners for up to $1.15 billion implied valuation [3].
2024 — FAB + Brookfield announced 100% Network International acquisition + Magnati merger plan.
2025 — Network International + Magnati merger completes: Magnati operations merged into Network International LLC under Brookfield-led consortium [4].
Strategic SA alliance: FAB + Magnati + [[geidea]] alliance to strengthen digital foothold in Saudi Arabia.
Ownership & operator
Operating entity (post-2025 merger): Network International LLC (Brookfield-led consortium with FAB).
Pre-merger ownership (Feb 2022):
- Brookfield Business Partners: 60% (acquired from FAB for up to $1.15B implied valuation)
- First Abu Dhabi Bank (FAB): 40% (retained stake + long-term relationship agreement)
Pre-carve-out (April 2021): Magnati was First Abu Dhabi Bank's payments business (Abu Dhabi Commercial Group + FGB merger heritage payments arm).
Regulator: CBUAE (Central Bank of UAE).
Technical integration
| Layer | Description |
|---|---|
| Channels | API + merchant POS + online checkout |
| Identifiers | Card |
| Customer type | B2B (merchants + financial institutions) — NOT consumer wallet |
| Coverage | UAE primary + Saudi Arabia (post-Geidea alliance) |
| Post-merger integration: Combined with Network International under Network Project Holdings 1 Ltd | |
| License | CBUAE payment processor + acquirer (now merged with Network International LLC) |
Users & growth
Pre-merger Magnati standalone (Feb 2022) [3]:
- Implied valuation: up to $1.15 billion (Brookfield 60% acquisition)
Post-2025 combined Network International + Magnati [4]:
- Combined TPV: $400+ billion
- Financial institutions: 250+
- Merchants: 240,000+
- Cardholders: 20+ million
- Markets: 50+
Use cases
Pre-merger Magnati: UAE merchant payment-processing + card-issuing + FAB-affiliated rails + Saudi cross-border via Geidea alliance.
Post-2025: Now part of combined Network International LLC (Brookfield-led consortium with FAB) MENA + Africa's largest payment-processor.
Implementations & partners
Operator (post-2025): Network International LLC (Brookfield-led consortium with FAB).
Pre-merger strategic partner: Geidea (SA payment-acceptance giant; KSA strategic alliance with FAB + Magnati).
Major shareholders:
- Brookfield Business Partners (60% Feb 2022 → consortium leader post-2025)
- First Abu Dhabi Bank (FAB) (40% retained + long-term relationship agreement)
Major MENA payment-processor competitors (now part of combined entity):
- [[network-international]] (now merged sister entity)
- [[geidea]] (SA #1 payment-acceptance; 75% SA market share)
- [[paytabs]] (SA payment-orchestration platform)
- [[fawry]] (Egypt's #1 payment platform)
Regulator: CBUAE.
Fun facts
- April 2021 FAB payments-business carve-out + Magnati brand launch.
- February 2022 — FAB sold 60% to Brookfield Business Partners for up to $1.15B implied valuation.
- 2025 — Magnati merged into Network International LLC under Brookfield-led consortium with FAB.
- Combined post-merger entity = MENA + Africa's largest payment-processor ($400B+ combined TPV).
- FAB + Magnati + Geidea KSA strategic alliance — distinctive UAE-Saudi cross-border payment-ecosystem alignment.
- Network Project Holdings 1 Ltd = parent vehicle holding combined Network + Magnati.
Comparison
| Feature | Magnati | [[network-international]] (now merged sister) | [[geidea]] (KSA strategic alliance partner) | First Abu Dhabi Bank (FAB; 40% Magnati holder pre-merger) | [[paytabs]] (SA payment-orchestration rival) |
|---|---|---|---|---|---|
| Operator | Magnati (now Network International LLC post-2025; Brookfield 60% Feb 2022 → consortium leader; FAB 40%) | Network International LLC (Brookfield-led consortium; sister merged 2025) | Geidea (Gulf Capital-acquired SAR 1B 2018) | First Abu Dhabi Bank (FAB; ADX: FAB) | PayTabs (Abdulaziz Al Jouf 2014) |
| Type | UAE FAB carve-out payment processor (now merged into Network International LLC) | MENA + Africa enterprise payment-processor + acquirer | SA #1 payment-acceptance + 75% SA market share | UAE's largest bank | SA payment-orchestration + AI-powered platform |
| Country | UAE + SA | UAE HQ + MENA + 50+ markets | SA + AE + EG | UAE | SA + MENA |
| Scale | Pre-merger $1.15B implied valuation (Brookfield 60% Feb 2022); post-2025 part of $400B+ combined TPV with Network | $400B+ combined TPV + 250+ FIs + 240K+ merchants + 20M+ cardholders + 50+ markets (post-merger) | 700K+ POS terminals + 150K+ merchants + 5M+ daily tx | UAE largest bank | SAR 325B tx + card volume biggest SA online |
| Distinctive | FAB carve-out Apr 2021; Brookfield 60% Feb 2022; 2025 merger into Network International LLC; FAB+Magnati+Geidea KSA alliance | MENA's longest-vintage processor (1994); Brookfield Sep 2024 £2.76B private | 2018 Gulf Capital SAR 1B acquisition; Abu Dhabi Grand Prix POS partner 2025; Apr 2026 Planet | UAE's largest bank by assets | First Arab top-100 global fintech (Oct 2024) |
Status
Active, merged into Network International LLC under Brookfield-led consortium [3, 4]:
- Magnati carve-out from FAB April 2021.
- February 2022 — Brookfield Business Partners acquired 60% for up to $1.15B implied valuation (FAB retained 40%).
- 2025 — merger into Network International LLC under Brookfield-led consortium with FAB.
- Combined post-merger entity = MENA + Africa's largest payment-processor.
- CBUAE-regulated.
Sources
- 1 Magnati — official
- 2 FAB Magnati launch April 2021
- 3 FAB sells 60% Magnati to Brookfield Feb 2022
- 4 FAB + Brookfield combining Network + Magnati — Gulf News
- ae-cro In-corpus:
reports/countries/AE-uae.md
Source
Biography extracted from magnati.md. See matrix.md for standards-support matrix if present.