Tarabut, the MENA region’s regulated open banking platform, is joining forces with Geidea, the Saudi-based payments solutions provider, to develop tailored SME financing solutions, subject to regulatory approvals.
By collaborating, Tarabut and Geidea plan to explore and develop new solutions that create more efficient and accessible financing opportunities that empower SMEs, including those underserved by traditional financial services, across Saudi Arabia to thrive.
SMEs currently represent 1.3 million businesses in Saudi Arabia, and face a financing gap of over SAR300billion (~$80billion). 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.
Ziyad Alessa, CEO of Geidea KSA, said: “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.”
With over 75 per cent 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 decisioning and orchestration technology stack and network of bank partnerships, the collaboration aims to improve 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.
Supporting Saudi’s SMEs
This partnership 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.
Abdulla Almoayed, founder and CEO of Tarabut, also said: “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.”
Tarabut and Geidea aim to deliver new financing solutions that accelerate access to capital, enabling businesses to grow without limits. Through the memorandum of understanding, both firms share a vision to explore new avenues for SME financing within the framework provided by the Kingdom’s Central Bank and regulator, SAMA.
Both companies revealed they are looking forward to creating solutions that bridge the financing gap and fuel the ambitions of entrepreneurs across the Kingdom of Saudi Arabia.
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