RIYADH, Saudi Arabia - Tuesday, 19. November 2024 AETOSWire
(BUSINESS
WIRE) -- Tarabut, the MENA region’s leading, regulated open banking
platform, and Geidea, Saudi Arabia’s leading payments solutions
provider, have entered a strategic partnership to explore and
potentially develop tailored SME financing solutions, subject to
regulatory approvals. Today, SMEs represent 1.3 million businesses in
Saudi Arabia, and they face a financing gap of over SAR 300 billion. The
current process for SMEs to obtain financing is often lengthy, complex
and costly, limiting their ability to manage cash flow, support
day-to-day business operations and achieve growth. This partnership
between Tarabut and Geidea sets the stage for both companies to
collaboratively explore and develop groundbreaking solutions that could
create new, more efficient and accessible financing opportunities that
empower SMEs – including those underserved by traditional financial
services – across the Kingdom of Saudi Arabia to thrive.
Geidea
KSA CEO Mr. Ziyad Alessa 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. Through this partnership with Tarabut, we
hope to develop a seamless real time solution that aligns with Vision
2030’s focus on digital transformation and financial inclusion.”
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. By leveraging Tarabut’s
world class, secure, decisioning and orchestration technology stack and
impressive network of bank partnerships, the collaboration aims to
redefine digital lending and explore flexible financing solutions that
could dismantle traditional barriers such as lengthy approval processes
or complex credit checks, while ensuring a secure and efficient process.
This partnership also closely aligns with Tarabut’s vision of making
financial services better, faster, more accessible and more affordable
while directly contributing to the Kingdom’s Vision 2030 goals of
economic diversification and SME empowerment.
Abdulla Almoayed,
Tarabut Founder and CEO commented on the MOU signing: “We are committed
to exploring and developing solutions that tackle the challenges SMEs
face in accessing financing. Our goal is to make this process simpler,
more secure and more accessible through our technology and the
partnerships we have built with banks across the Kingdom. 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. We
believe in building a future where technology not only meets regulatory
standards but also creates new pathways for growth, inclusion and
innovation thereby unlocking the full potential of SMEs and driving
economic progress from the grassroots up.”
Collectively, Tarabut
and Geidea are committed to driving economic growth, supporting
financial inclusion, and co-creating a future where advanced technology
meets the real needs of SMEs. By harnessing the power of digital
innovation, Tarabut and Geidea aim to deliver game-changing financing
solutions that accelerate access to capital, enabling businesses to grow
without limits. This MOU reflects both Tarabut and Geidea’s shared
vision to push boundaries, embrace cutting-edge technology and explore
new avenues for SME financing within the framework provided by the
Kingdom’s Central Bank and regulator, SAMA. As the partnership unfolds,
both companies look forward to pioneering solutions that bridge the
financing gap and fuel the ambitions of entrepreneurs across the Kingdom
of Saudi Arabia.
About Tarabut
Tarabut is the MENA
region’s leading regulated open banking platform, connecting a regional
network of banks and fintechs through universal APIs. By offering tools
that facilitate and distribute personalised financial services Tarabut
enables financial institutions to build a new world of financial
services in the MENA region.
With offices in Bahrain, Saudi
Arabia, UAE and the UK, Tarabut launched its API infrastructure in
December 2019 and has already become a dedicated technology partner for
leading banks in Bahrain and Saudi Arabia. In April 2022, Tarabut became
the first open banking platform to secure AIS (account information
services) and PIS (payment initiation services) Category 4 licenses from
the Dubai Financial Services Authority (DFSA). In 2023, the Saudi
Central Bank (SAMA) included Tarabut in its Regulatory Sandbox. In May
2023, Tarabut successfully completed a $32 million Series A fundraise,
led by Pinnacle Capital and supported by Visa, Tiger Global, and
Aljazira Capital. Earlier this year Tarabut acquired London-based Vyne, a
real-time account-to-account (A2A) payments platform for online
businesses. This strategic acquisition, which was approved by both the
Saudi Central Bank (SAMA) and the UK's Financial Conduct Authority
(FCA), bolsters Tarabut’s ability to deliver faster, more accessible,
and more interconnected financial services, both across the region and
globally.
For more information, please visit: www.tarabut.com
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