Geidea, the largest fintech company in Saudi Arabia by market share, has collaborated with Forus, a leading Saudi-based financial technology platform for debt crowdfunding, to simplify access to capital and loan financing for Saudi-based businesses.
Through this new partnership, SMEs will be able to pay back their loan amounts directly through point-of-sale terminals by automatically setting aside a percentage or amount of monthly revenue towards their loan obligations. The new automated solution will replace the need to make cash or physical payments, thus automating the entire process and making it simple, speedy and secure.
Abdullah Alshowaier, chief business officer of Geidea and Nosibah Alrajhi, and board member and chief executive officer were present at the official signing ceremony held in Forus headquarters in Riyadh.
The initiative brings together the lending and financing expertise of Forus, a fast-growing fintech with the ambition to bring investors and businesses together in a simplified marketplace, with the best-in-class technology that drives Geidea’s payments solutions. Together, both companies will serve to better the financial well-being of Saudi business owners, helping them to scale and sustain their ventures through the ease and safety of
digital payments.
Speaking about the partnership, Abdullah Alothman, founder and chairman of Geidea, said: “Access to capital and financing often becomes a barrier to entry and growth for a lot of entrepreneurs in the Kingdom. Through this partnership, we want to make access to financial facilities simpler, safer and seamless for both SMEs and the people who invest in them. Through the automated service, businesses will be able to plan their loan repayments in a far more efficient manner, thus benefiting everyone in the ecosystem.”
Nosaibah Alrajhi, board member and chief executive officer of Forus, said: “We are thrilled to be working with Geidea, a like-minded partner who believes in impact driven innovation.
“Together, we see this solution dramatically improving the capital and financing process for homegrown businesses and increasing the trust that investors have in them. With the transparency and security offered by the digital repayment solution, this partnership will help boost investment in the Kingdom’s SME sector.”
