Saudi Arabia-based leading fintech company Geidea has partnered with Alamthal Financing, a leader in financing small and medium enterprises (SMEs), in order to make loan financing and repayments easier for the companies in the Kingdom.
Through this new initiative, merchants will be able to pay back their loan amounts directly via Point-of-Sale (PoS) terminals by automatically setting aside a percentage or amount of monthly revenue towards their loan obligations.
According to the statement, the new automated system will eliminate the hassle of making cash or physical payments, thereby automating and securing the entire process.
The collaboration will combine the expertise of Alamthal Financing 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,” as per the reports.
Speaking about the partnership, Mr. Renier Lemmens, Group CEO of Geidea said, “Financing and payment on loans are 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,” he added.
Further, Geidea will become the preferred acquirer for Alamthal Financing thus enabling the payments company to expand its scale across the Kingdom.
“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,” commented Mr. Hamad Saleh Al-Salem, Deputy CEO & Chief Business Officer at Alamthal Financing.
Related: Dubai brings out $272mn fund to support tech startups