Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Magnati

On thesis

Digital Payments·Financial Services Disruption·Structured Preferred·Invested 2022·9% stake

Position

Mark1.29x

Gross IRR10%

Invested$90M

LatestNo recent touchpoints recorded.

Ownership + team

9% stake · 1 observer seat1.0x liquidation preference · 6% PIK dividend

MENA digital payments platform · FAB + ADNOC JV · 1.29x mark · merchant acquiring volumes expanding · B2B payments digitalisation driving growth

Ask about Magnati · pulls from SharePoint memos + Snowflake fund DB + firm memory

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Financial profileLatest as of 2026-03-31

Payment volumeAED 28BLTM Q1 2026 · +32% YoY

Revenue$145MMerchant discount + value-added services

MOIC1.29x$0.8B entry → $1.03B mark

Merchants55,000+UAE + KSA + Bahrain

Three-way benchmark

Payment volumemeasured in AED B

Actual

Thesis target

VCP plan

Peer median

Performance update

Payment volume AED 28B LTM · +32% YoY · B2B corporate rails growing 88% YoY

55,000+ active merchants · enterprise segment (1,000+ merchant TPI) up 45% YoY

KSA merchant acquiring licence approved Q4 2025 · Riyadh office opened March 2026

PIK dividend accruing on schedule · $4.2M added to structured position value Q1 2026