Fintechs partner to provide financing to SMEs in Saudi Arabia
Open banking platform Tarabut has partnered with Saudi Arabian payments solutions provider Geidea to develop financing solutions for small and medium-sized businesses.
Subject to regulatory approvals, the strategic partnership is aiming to provide accessible financing opportunities for SMEs in Saudi Arabia. According to a statement, there are around 1.3 million SMEs in the country facing a financing gap of over SAR 300bn (£63bn).
However, the process to obtain financing can be lengthy, complex and costly.
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“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,” said Ziyad Alessa, Geidea KSA chief executive.
Abdulla Almoayed, Tarabut founder and chief executive, added: “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.”
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