Geidea, the largest fintech company in Saudi Arabia by market share, today announced its partnership with Alamthal Financing, a leader in financing small and medium enterprises (SMEs), to simplify loan financing and repayments for Saudi businesses.
Through this new initiative, merchants will be able to pay back their loan amounts directly through Point-of-Sale (PoS) terminals by automatically setting aside a percentage or amount of monthly revenue towards their loan obligations. The new automated solution will remove the friction of making cash or physical payments, thus automating the entire process and making it seamless and secure.
Abdullah Bin Mansour Alshowaier, Chief Financial Officer of Geidea and Hamad Saleh Al-Salem, Deputy CEO & Chief Business Officer or Alamthal were present at the official signing ceremony held in Riyadh.
The partnership will combine the expertise of Alamthal Financing, a leading financier in the SME sector and the technology offered by Geidea’s best-in-class payment solutions. Together, both companies will leverage their deep understanding of the Saudi market to design a service that will work to empower business-owners and enable them to grow sustainably. Geidea will also become the preferred acquirer for Alamthal Financing thus enabling the payments company to expand their scale across the Kingdom.
Speaking about the partnership, Renier Lemmens – Group CEO of Geidea, said: “Financing and payment on loans is often one of the more complex and challenging processes for growing businesses to navigate. With this partnership, we want to remove the hassle and stress that often goes into repayments and offer a secure, trusted solution that will empower them and let them focus on their business. This new technology is easy and intuitive and in the coming years, we see this as the gold standard for the SME sector. and we will continue to work with them to support and boost entrepreneurs in the Kingdom.”
Hamad Saleh Al-Salem, Deputy CEO & Chief Business Officer or Alamthal, Alamathal Financing
“We are excited to work with Geidea to launch a unique product in the Saudi market that will undoubtedly transform financing for businesses. Our goal is to promote good financial behaviors and safeguard the financial wellbeing of the SME sector, thus giving them the platform to expand and scale in line with their business goals.”