Tarabut, the Mena region’s leading, regulated open banking platform, and Geidea, Saudi Arabia’s leading payments solutions provider, have partnered to explore and potentially develop tailored SME financing solutions. 

 

Today, SMEs represent 1.3 million businesses in Saudi Arabia, and they face a financing gap of over SR300 billion ($80 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 Saudi Arabia to thrive.

 

Transforming financing

Geidea KSA CEO Ziyad Alessa said: “This 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.

 

Tackling SME challenges

Abdulla Almoayed, Tarabut Founder and CEO, commented: “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.”--TradeArabia News Service