Saudi Arabia-based fintech firm Geidea has expanded its operations into the UAE through a partnership with Magnati, offering an extensive suite of value-added services and payment solutions to UAE-based companies across the retail, F&B, wholesale, and hospitality sectors.
Launched in Saudi Arabia in 2008, Geidea currently provides more than 700,000 payment terminals (POS) across the region and serves more than 139,000 trusted merchants, including regional and international brands, SMEs, as well as e-commerce players.
Geidea’s expansion into the UAE follows its launch into the Egyptian market in June 2021, which is also in line with its vision to make payments and commerce technology accessible, affordable, and intuitive.
Magnati is a leader in the payment solutions industry, and is focused on acquiring, issuer processing, and acquiring processing.
Magnati provides institutional and government merchants with an intelligent payments platform that monetises data using next-generation technology to deliver improved customer experience and increased efficiency.
The partnership marks Geidea’s first major agreement in the UAE market and will see Geidea as a Payment Service Provider for Magnati.
Commenting on the partnership, the founder and chairman of Geidea, Abdullah Al-Othman, said: “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 more than 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 UAE, which is a long-trusted partner of Saudi Arabia.”
The partnership will enable Magnati to strategically expand its cross-border business into the geographies that Geidea is based in – extending to Saudi Arabia, Egypt, and other markets in the GCC – while boosting e-commerce and m-commerce capabilities for Magnati’s clients and spurring digital transformation.
Through this partnership, merchants will benefit from Magnati’s tailored payment solutions, allowing them to accept a wide range of digital payments through a secure, single, and seamless API integrated platform.
The CEO of Magnati, Ramana Kumar, said: “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 digital payments landscape by creating new experiences and shaping the future with offering payments as a platform, seamless integrations, and value adds.
“With Magnati’s reach and Geidea’s fintech experience, we will be able to synergise our capabilities and boost digital payments growth in the UAE, GCC, and North Africa.”
Discussing the partnership with Magnati, the general manager for the GCC at Geidea, Sailesh Malhotra, said: “We are proud to announce our partnership with Magnati, a prominent like-minded fintech, as we expand our presence into the UAE, one of the region’s most important markets.
“The collaboration will enable us to serve both the public and private sector, with the same customer-focused approach that we’ve used to great success in Saudi Arabia. Ultimately, our clients are our success stories. We look forward to working with Magnati and continuing to build our presence across the UAE and the rest of the region.”
The managing director for Institutional Payments at Magnati, Salim Awan, said: “We are at a pivotal moment in the payment industry, when payments can no longer be an additional step in the e-commerce process but instead, must offer customers the highest levels of ease and convenience.
“Our partnership with Geidea is all about simplifying payments for users, and we will work together with Geidea to introduce new channels and technologies. Magnati is committed to accelerating innovation with our partners to unlock the possibilities of payments.”
With nearly three out of four (73 percent) of consumers in the UAE shopping online more frequently than they did before the pandemic, according to a recent Mastercard survey, having an online payments presence has become a huge focus for small businesses.
Geidea made history in 2021, becoming the first non-banking institution to be granted an acquiring license in Saudi Arabia.
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