FinTech: Saudi Fintech Geidea Launches Beta Testing of End-to-End Solutions for SMEs
Geidea is a Saudi payment processor with a 70% market share in the country.
Geidea achieved the distinction of being the first fintech company to obtain a payment license from the Saudi Arabian Monetary Authority. As a payments processor, it can now operate in the Saudi banking market as a non-banking financial company. It now commands a 70% market share in POS terminals sold through banks. Geidea announced the launch of BETA testing of a range of solutions designed for the SME sector in Saudi Arabia. (Finextra)
Geidea was launched in 2010 and by 2012 had its HQ in Riyadh along with 3 branches and 1 R&D center. It garnered 50% of the Saudi market share by 2015 and became a strategic partner to Verifone in 2016. It ventured into fintech in 2017.
However, Gulf Capital acquired the company in 2018 for 1 billion Saudi riyals.
More power to SMEs
Geidea has launched a range of high tech digital payment processing and store management solutions. This is an end-to-end, all-in-one, and affordable product. It will quite literally hold the merchant’s hand through the process of building a digital presence.
It includes card and digital payment processing as well as e-commerce tools such as a website builder, e-invoicing, and payment gateway.
Geidea also provides store and restaurant management software and the facility to integrate with a merchant’s legacy hardware and software, as well as third party providers such as couriers and food delivery apps.
To ensure smooth implementation and gain merchants’ confidence, Geidea will continue the beta testing until August. A soft launch will follow in September and a national rollout in October.
Abdullah Faisal Alothman, Founder and Co-Chairman of Geidea, said: “We are committed to helping SMEs thrive by providing them with customer-centric and best-in-class payment solutions that until now, only bigger merchants and global chains had access to. For SMEs, these products will serve as the digital, inexpensive, and agile solution to payment acceptance and business management. Our new products are suitable for any business, whether they’re on the go, in-store or online.”
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