Foodics, a Riyadh-based food and beverage (F&B) and retail technology startup, has signed a partnership with American Express Saudi Arabia, a multinational financial services provider, to offer digital payment options.
The partnership comes at the back of its series B fundraising earlier this year, during which it raised $20 million in a funding round led by Sanabil Investments, a firm wholly owned by Saudi Arabia’s Public Investments Fund (PIF).
Currently, Foodics is on track to exceed its 2021 goal, with 11,000 brands onboarded so far and growing, as well as new product launches also in the pipeline. The partnership will allow the customers of Foodics to accept American Express cards on their Foodics Pay POS device. The service will be allowed to all Foodics Pay customers by the 1st of October 2021.
“We are on a mission to become a one-stop-shop platform for restaurant owners to grow their operations effortlessly. Our partnership with American Express Saudi Arabia will further help restaurant and retail owners increase their sales, by offering an additional world-class payment option. We are thankful to the American Express team for their trust and support, and delighted to welcome them to the Foodics family.”
Mr. Assim Alshmassi, American Express Saudi Arabia’s Chief Business Development Officer commented, “At American Express Saudi Arabia, we are committed to offering unique products and services to our existing and prospective customers. In this context, we are delighted to be signing this partnership with Foodics, as this allows us to extend our network of merchants to include Foodics’ F&B and retail customers in the Kingdom. This partnership comes in direct support of our objective to continuously meet and exceed our customers’ expectations.”
Foodics, founded in 2014, has successfully processed over 5 billion orders through the platform, and over 50,000 terminals while catering to over 11,000 F&B brands. This latest major announcement further strengthens its position in the country.
The tech company, which offers an all-in-one retail management platform helping retail and restaurant owners run their business, had recently announced its Series B, bringing the total funds raised by Foodics so far to $28 million.