- Partnership with Gastro-Trends will see supply of Geidea POS and Geidea Pay across F&B outlets
Riyadh, Saudi Arabia: Geidea, a leading fintech company in the Saudi Arabia, has partnered with Gastro-Trends, the F&B arm of MDLBEAST, the provider of choice for payment and restaurant management solutions at four of the region’s biggest music festivals, including Aravia, XP Music Futures, Soundstorm and Balad Beast.
Geidea, which already caters to KSA’s thriving F&B sector with more than 52,000 restaurants and cafes, will supply Point of Sale restaurant management system and payment terminals at the international star-studded events, with 600 terminals serving more than 150 merchants and brands on site.
More than 700,000 are expected to attend the mega events, two of which are in Riyadh and one in both Jeddah and Doha.
Laurent Dhaeyer, Group Chief Strategy & Growth Officer at Geidea, said: “Our new generation, fully-integrated, cloud-based POS systems offer F&B and retail businesses the best-in-market point-of-sales solutions that can respond to the ever-evolving needs of customers. We are delighted to partner with Gastro-Trends to offer our safe, secure and seamless payments solutions to cater for the hundreds of thousands of festival goers.”
MDLBEAST, which boasts artists including Post Malone, Eric Prydz, Carl Cox, Bruno Mars and DJ Khaled, is a global and creative platform setting the tone for music, art and culture and shifting the epicenter of underground music. Starting with Saudi and echoing outwards, MDLBEAST supports artists in creating experiences that move people and, in turn, make people move.
Alex Gorman, Project Director, F&B, MDLBEAST/Gastro Trends, said: “MDLBEAST events have become some of the biggest and best music events on the international calendar. It’s all about creating a memorable experience for everyone who attends and that includes being able to provide swift and simple payment solutions when it comes to buying F&B. Our collaboration with Geidea, a fellow homegrown Saudi brand, does just that.”
Geidea is a leading fintech and fully licensed payment service provider offering digital banking technology, smart payment terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce. Founded in Saudi Arabia, the company is expanding rapidly across the region with operations in UAE and Egypt and is targeting seven more countries in the next two years, serving both financial institutions and small and medium businesses.
Founded in 2008 by Saudi entrepreneur Abdullah Faisal Al-Othman, the company believes that the latest payments and commerce technology should be accessible, affordable, and intuitive for everyone. The company continues to focus on its mission of empowering merchants with the tools to start, manage and grow their businesses which is at the heart of what Geidea does.
Geidea has become the first non-bank entity in the Kingdom to obtain an acquiring license from the Saudi Central Bank “SAMA” to provide financial services directly to merchants and small and medium enterprises.
Geidea now has more than 2000 employees across all offices, with over 150,000 merchants, and provides support to more than 700,000 terminals within the Kingdom with a 75% market share. The company is proud to say that it is the biggest fintech company in Saudi and is ranked one of the top 25 fintech companies in the Middle East by Forbes.
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