• Loop’s digital payment solutions expand Morabaha Marina’s offering to a fully-integrated financing and payment value proposition and creates a one-stop solution for SMEs
  •  Accelerates Morabaha Marina’s ambition to develop a financial services ecosystem to better serve SMEs and consumers in the Kingdom

Riyadh, Saudi Arabia – Morabaha Marina Financing Company (“Morabaha Marina”), Saudi Arabia’s leading independent non-bank SME and consumer financing company, announces today the acquisition of 80% majority stake in Saudi Digital Payment Company (“Loop”), the digital payments technology and services provider.

The transaction enables Morabaha Marina to expand its core lending business into fully integrated financing and payment services, and provides a unique value proposition to meet the growing market need for SME-focused financial solutions.

Established in 2012, Morabaha Marina is a pioneering sharia-compliant financing platform offering a wide range of flexible and innovative solutions. Supported by the socio-economic reforms in Saudi, the company leverages its unique position to capitalize on strong market demand estimated at SAR 659 Billion and growth opportunities for consumer and SME finance. Morabaha Marina was named the best partner in Monshaat’s funding platform (Tamweel) for 2021 considering its important role in supporting SMEs in the Kingdom.

Loop, founded in 2019, is a Major Electronic Money Institution (EMI) and one of the first fintech players in the Kingdom. Loop is licensed by Saudi Central Bank (SAMA) to provide seamless payments technology and services. It offers a range of customer-centric digital financial services for individuals and businesses, including electronic wallets and international transfers.

The combined value proposition of Morabaha Marina and Loop will create a wide-ranging financial ecosystem that is digitally driven, enabling SME’s access to an array of e-Wallet based financing and payment solutions, including several new products and services that will be launched subject to Central Bank Approval

The transaction also supports the Kingdom’s successful initiatives under Vision 2030 to drive the digitization of consumer payments and better serve SMEs in order to meet its target to increase non-cash transactions to 70% by 2025.

Commenting on the transaction, Waleed Al-Ghumlas, Managing Director and Board Member of Morabaha Marina, said: “Fully aligned with Saudi Vision 2030, the combined value proposition of Morabaha Marina and Loop creates fully integrated digital financing and payment solutions and a one-stop shop for SMEs, a key segment that has been historically underserved by traditional banks and lenders. The transaction is also in line with our ongoing growth plan and strategic objectives and builds on our established track record in consumer and SME financing and diversified credit. We are confident that the combined proposition will significantly benefit both consumers and SMEs, supporting and enabling their growth as a key catalyst for economic development in the Kingdom.”

Loop is a pioneer in Saudi Arabia’s fintech space, created to enhance digital payments solutions provided for consumers and businesses. Joining Morabaha Marina will accelerate Loop’s growth and enhance its service offering, unlocking new opportunities focused on creating integrated digital financing and payment for both SMEs & consumers. Together, Morabaha Marina and Loop will provide a comprehensive value proposition that will significantly contribute to the development of the Kingdom’s digital payments and financing sector under the supervision of the Central Bank of Saudi Arabia.

Following the announcement of Vision 2030, the number of SMEs in the Kingdom has increased to over 752,000, accounting for 99.6% of all private sector establishments and more than 60% of private sector employees. Despite the SME sector’s critical role in economic growth and job creation, it continues to face challenges related to financing limitations. Together, Morabaha Marina and Loop will help bridge the gap and meet complex SME financial needs through a variety of tailored products. Today’s announcement represents an important step in realizing Morabaha Marina’s vision to develop a financial services ecosystem to better serve the Kingdom’s aspirations.


About Morabaha Marina Financing Company:

Morabaha Marina is a pioneering sharia-compliant financing platform offering a wide range of flexible and innovative solutions, with commercial registration (1010337706) licensed by the Saudi Central Bank No. 22/أ ش/201410 dated 11/19/1435 AH. Established in 2012, the company has a head office in Riyadh and 16 branches located in 13 cities across Kingdom, it specializes in providing flexible financial leasing, small and medium enterprises financing, productive assets and consumer financing, subject to control and supervision The Central Bank of Saudi Arabia.

For more information, please visit: https://www.mmfco.net/en

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Theodora Gabrah
E: Theodora.gabrah@teneo.com