Riyadh - Sharikat Mubasher: Saudi Arabia’s leading payment solutions provider Geidea forged a strategic partnership with Tarabut, the leading open banking platform in the region, to explore and develop tailored financing solutions for small and medium-sized enterprises (SMEs) in the Kingdom.
Both parties will join efforts to provide leading-edge solutions that could create new, more efficient, and accessible financing opportunities that empower SMEs, including those underserved by traditional financial services, across Saudi Arabia to thrive, a recent statement unveiled.
Through this collaboration, Geidea will leverage Tarabut’s world-class, secure, and orchestration technology stack and impressive network of bank partnerships to redefine digital lending and explore flexible financing solutions that dismantle traditional barriers such as lengthy approval processes or complex credit checks, while ensuring secure and efficient process.
With over 75% of Saudi Arabia’s point-of-sale (POS) market share, Geidea processes millions of transactions daily for a wide range of businesses, from local outlets to international brands.
Ziyad Alessa, CEO of Geidea KSA, said: “This strategic partnership with Tarabut aims to transform financing into a frictionless and always-available resource. Together, we plan to work towards enhancing both the user experience and business agility for SMEs, always in accordance with SAMA regulations and guidance.”
He noted that the partnership will allow both companies to develop a seamless real-time solution that aligns with Vision 2030’s digital transformation and financial inclusion goals.
On his part, Abdulla Almoayed, Founder and CEO of Tarabut, commented: “Together with Geidea we are looking to identify opportunities for economic growth that align with regulatory requirements, ensuring that even the smallest businesses can access the funding they need to grow and succeed.”
He affirmed the company’s commitment to exploring and developing solutions that tackle the challenges SMEs face in accessing financing.
Moreover, this partnership reflects both companies’ shared vision to push boundaries, embrace cutting-edge technology, and explore new avenues for SME financing within the framework provided by the Saudi Central Bank (SAMA).
