RIYADH, Saudi Arabia--(BUSINESS WIRE)--Tarabut, the MENA region’s leading, regulated open banking platform, and Geidea, Saudi Arabia’s leading payments solutions provider, have entered a strategic partnership to explore and potentially develop tailored SME financing solutions, subject to regulatory approvals. Today, SMEs represent 1.3 million businesses in Saudi Arabia, and they face a financing gap of over SAR 300 billion. 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. This partnership between Tarabut and Geidea sets the stage for both companies to collaboratively explore and develop groundbreaking solutions that could create new, more efficient and accessible financing opportunities that empower SMEs – including those underserved by traditional financial services – across the Kingdom of Saudi Arabia to thrive.

Geidea KSA CEO Mr. Ziyad Alessa 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% 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 world class, secure, decisioning and orchestration technology stack and impressive network of bank partnerships, the collaboration aims to redefine 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. This partnership also 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, Tarabut Founder and CEO commented on the MOU signing: “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.”

Collectively, Tarabut and Geidea are committed to driving economic growth, supporting financial inclusion, and co-creating a future where advanced technology meets the real needs of SMEs. By harnessing the power of digital innovation, Tarabut and Geidea aim to deliver game-changing financing solutions that accelerate access to capital, enabling businesses to grow without limits. This MOU reflects both Tarabut and Geidea’s shared vision to push boundaries, embrace cutting-edge technology and explore new avenues for SME financing within the framework provided by the Kingdom’s Central Bank and regulator, SAMA. As the partnership unfolds, both companies look forward to pioneering solutions that bridge the financing gap and fuel the ambitions of entrepreneurs across the Kingdom of Saudi Arabia.

About Tarabut

Tarabut is the MENA region’s leading regulated open banking platform, connecting a regional network of banks and fintechs through universal APIs. By offering tools that facilitate and distribute personalised financial services Tarabut enables financial institutions to build a new world of financial services in the MENA region.

With offices in Bahrain, Saudi Arabia, UAE and the UK, Tarabut launched its API infrastructure in December 2019 and has already become a dedicated technology partner for leading banks in Bahrain and Saudi Arabia. In April 2022, Tarabut became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA). In 2023, the Saudi Central Bank (SAMA) included Tarabut in its Regulatory Sandbox. In May 2023, Tarabut successfully completed a $32 million Series A fundraise, led by Pinnacle Capital and supported by Visa, Tiger Global, and Aljazira Capital. Earlier this year Tarabut acquired London-based Vyne, a real-time account-to-account (A2A) payments platform for online businesses. This strategic acquisition, which was approved by both the Saudi Central Bank (SAMA) and the UK's Financial Conduct Authority (FCA), bolsters Tarabut’s ability to deliver faster, more accessible, and more interconnected financial services, both across the region and globally.

For more information, please visit: www.tarabut.com