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Riyadh, Saudi Arabia : Geidea, the largest fintech company in Saudi Arabia by market share, has collaborated today with Forus, a leading Saudi based financial technology platform for debt crowdfunding, to simplify access to capital and loan financing for Saudi-based businesses.
Through this new partnership, SMEs will be able to pay back their loan amounts directly through Point-of-Sale (PoS) terminals by automatically setting aside a percentage or amount of monthly revenue towards their loan obligations. The new automated solution will replace the need to make cash or physical payments, thus automating the entire process and making it simple, speedy and secure.
Abdullah Alshowaier, Chief Business Officer of Geidea and Nosibah Alrajhi – Board member and Chief Executive Officer were present at the official signing ceremony held in Forus HQ, Riyadh.
The initiative brings together the lending and financing expertise of Forus, a fast-growing fintech with the ambition to bring investors and businesses together in a simplified marketplace, with the best-in-class technology that drives Geidea’s payments solutions. Together, both companies will serve to better the financial wellbeing of Saudi business-owners, helping them to scale and sustain their ventures through the ease and safety of digital payments.
Speaking about the partnership, Abdullah Alothman – Founder & Chairman of Geidea, said: “Access to capital and financing often becomes a barrier to entry and growth for a lot of entrepreneurs in the Kingdom. Through this partnership, we want to make access to financial facilities simpler, safer and seamless for both SMEs and the people who invest in them. Through the automated service, businesses will be able to plan their loan repayments in a far more efficiently thus benefiting everyone in the ecosystem.”
Nosaibah Alrajhi – Board member and Chief Executive Officer of Forus said: “We are thrilled to be working with Geidea, a like-minded partner who believes in impact driven innovation. Together, we see this solution dramatically improving the capital and financing process for homegrown businesses and increasing the trust that investors have in them. With the transparency and security offered by the digital repayment solution, this partnership will help boost investment in the Kingdom’s SME sector.”
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About Geidea
Geidea is a leading and fully licensed payment service provider offering digital banking technology, Point-of-Sale (POS) Terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce. Founded locally in Saudi Arabia in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea’s mission is to empower merchants of all types and sizes with the tools to start, manage and grow their business. The company believes that the latest payments and commerce technology should be accessible, affordable, and intuitive for everyone. Based in Riyadh, Geidea has more than 800 employees, over 150,000 merchants, and provides support to more than 600,000 payment terminals and ATMs networks within the Kingdom. The company is rapidly expanding branches in several locations across the GCC, including UAE and Egypt, with an eye to further locations in 2022.
For detailed information, please visit: http://www.geidea.net/
For further information, please contact: geidea@webershandwick.com
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