CAIRO: Saudi-based fintech startup OXO has hit SR1 billion ($270 million) worth of transactions through its merchant platform since its launch 11 months ago.
During an exclusive interview with Arab News, Ali Al-Hazmi, CEO of OXO, said that the company will be able to triple that number by the end of 2023.
“We have achieved SR1 billion, but I believe it might be more than this because 10 percent of our merchants are not registering the invoices correctly. The numbers will be at least three to four times by 2023,” Al-Hazmi stated.
The company offers a platform for merchants to manage their business better, whether online or on the ground, providing point-of-sale, inventory, accounting and CRM services under one roof.
“OXO provides an omnichannel platform, with the concept of one product, one customer, one platform, so all of your products will be in one inventory, and you can sell online and offline,” Al-Hazmi said.
We are currently integrating with one of the biggest companies offering to buy now pay later services to provide for our clients an opportunity to buy or sell products in monthly settlements.
Ali Al-Hazmi, CEO of OXO
“In addition to transactions, I’m talking about financial things, like invoicing, expenses or recruitments are all in one platform,” he added.
Founded in 2021, the company targets small and medium enterprises as it operates in six different industries. “We are covering supermarkets, pharmacies, fashion retailers, gas stations, and service providers. We are also currently focusing on food and beverage retailers,” Al-Hazmi said.
Al-Hazmi stated that the company has over 3,000 clients using its software, adding that each client has at least two branches.
He also said that the company will be able to get 15,000 clients by the end of 2023 with a one-and-a-half times increase in revenue.
Using a subscription-based business model, OXO is also planning to add a transaction fee as it is partnering with another undisclosed fintech company to empower its financial solutions.
“We have exceeded SR6 million in revenue since the beginning of the launch, almost 10 or 11 months ago. We are currently integrating with one of the biggest companies offering to buy now pay later services to provide for our clients an opportunity to buy or sell products in monthly settlements,” he added.
Speaking about the geographical expansion, Al-Hazmi stated that the company has good relations with potential clients in Far East markets.
“We have a good understanding of their needs and how big the markets are, so we have a plan to go to the Far East within the second quarter of next year,” he added.
As the Kingdom aims to become a regional financial technology hub, fintech players are rising, creating more opportunities and higher competition.
Al-Hazmi believes that competition is healthy for businesses to thrive, stating that the Saudi market is vast and can take up all kinds of players.
