Saudi-based Geidea expands its footprint to UAE with Magnati

By Salma C, Intern Reporter
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Geidea & Magnati
Mr. Abdullah Al-Othman, Founder and Chairman of Geidea and Mr. Ramana Kumar, CEO of Magnati after signing the partnership agreement

Geidea, the largest Saudi-based fintech company in terms of market share, has partnered with Magnati, a regional leader in the payment solutions industry, to expand its operations to the UAE. 

Under this partnership, Geidea will offer an extensive suite of value-added services and seamless payment solutions for UAE-based companies across retail, F&B, wholesale, hospitality and healthcare.

Geidea’s recent expansion into the UAE follows its launch in the Egyptian market last June as part of its vision to make payments and commercial technology accessible, affordable and intuitive to all.

Abdullah Al-Othman Image
Abdullah Al-Othman
Founder & Chairman
Geidea

“Over a decade ago, Geidea began with the critical mission of reshaping the payments industry by building a suite of solutions that would make payments more accessible, affordable and intuitive for businesses of all sizes. Since then, we have grown into a market-leading business, with over 75 percent of the market share in POS terminals within the Kingdom of Saudi Arabia. Today I am proud to announce our expansion into one of the key digital economic hubs of the region, the United Arab Emirates, a long-trusted partner to Saudi Arabia.”

Partnership with Magnati

As part of the partnership, Magnati will provide institutional and government, merchants with an intelligent payments platform that monetizes data, using next-generation technology to deliver improved customer experience and increased efficiency.

Through this first major contract in the UAE market, Geidea will become Magnati’s payment service provider, thereby accelerating seamless digital payment acceptance and increasing its foothold in the UAE.

The partnership will extend to Saudi Arabia, Egypt as well as other markets in GCC, enabling Magnati to strategically expand its cross-border business into Geidea -based geographies while enhancing e-commerce and m-Commerce capabilities for Magnati’s clients and promoting digitalization.

Through this partnership, merchants will benefit from Magnati’s tailored payment solutions, which will enable them to accept a variety of digital payments through a secure, single and seamless API integrated platform, making payments more accessible, affordable and sensible.

Commenting on their partnership with Geidea, Mr. Ramana Kumar, CEO of Magnati remarked that “In line with our vision to deliver strong value to our partnerships, we are proud to collaborate with Geidea, who will simplify payment acceptance through Magnati’s payment solutions. Magnati is leading the change in the digital payments landscape by creating new experiences and shaping the future by offering payments as a platform, seamless integrations, and value adds.  With Magnati’s reach and Geidea’s fintech experience, we will be able to synergize our capabilities and boost digital payments growth in UAE and GCC and North Africa.”

Geidea

Launched in Saudi Arabia in 2008, Geidea serves more than 700,000 payment terminals (POS) across the region and serves more than 139,000 trusted merchants, including regional and international brands, SMEs and e-commerce players. Geidea made history in 2021 as the first non-banking institution to be licensed in Saudi Arabia, focusing on strategic expansion into the largest markets in the Middle East

Related: Qatar’s QNB unveils new RippleNet payment system at Smart City Expo Doha 2022


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