Alinma Bank partners with FOODICS for micro, small firms

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Riyadh – Alinma Bank has signed a strategic fintech partnership with FOODICS, a cloud-based technology and payments platform for restaurants in MENA, according to a recent press release.

The collaboration aims to benefit small and micro businesses in Saudi Arabia through new products that enable them to have full control over their line of work decisions.

Enterprises will be able to sell from anywhere at any time and accept payments on the go, which will allow them to maximise their sales and productivity.

The collaboration came in line with the Kingdom’s goal to boost the contribution of small and medium-sized businesses (SMBs) to the economy and the launch of several accelerator programmes.

Saleh Abdullah Alzumaie, Senior Vice President of Alinma Bank, said: “We look forward to strengthening our leadership in supporting this vital sector, in cooperation with the FOODICS team to serve Alinma customers.”

Ahmad Al Zaini, CEO and Co-Founder of FOODICS, noted: “This strategic alliance will empower SMB and Micro-Business owners as well as the entire ecosystem.”

In the first three months (3M) of 2022, Alinma Bank witnessed a 28.49% year-on-year (YoY) surge in net profit to SAR 824.70 million from SAR 641.80 million.

Last April, FOODICS secured a total of $170 million in a Series C funding round that was led by Prosus and Sanabil Investments as well as other investors.