E-commerce retailer announces micro-funding opportunities for SMEs

19 March 2015, DUBAI

Leading e-commerce marketplace Souq.com has today released its first API (application programme interface), which will allow third party developers to embed shopping deals in their site or mobile application. Retailers can build their own branded storefront, or merchants manage their listings off the site using the Souq.com platform.

"We have been very successful at building a vertically integrated marketplace where payment, fulfillment and delivery are fully integrated to enable merchants to offer goods for sale to millions of monthly buyers on the platform. We feel it is now time to enable the same set of services off the platform, to grow the penetration of e-commerce at a faster rate " explains Wisam Daoud, CTO of Souq.com.

The API can be integrated on web, mobile web and mobile application platforms and developers can learn more about it at developer.souq.com

Souq.com is the first player in the MENA region to open up its API and is committing to foster a dynamic e-commerce ecosystem by announcing the creation of a fund that will provide seed money to teams and individuals building innovative applications on top of Souq.com API.

"We are keen to fund the development of a community of start-ups, application developers and service providers that will help grow e-commerce in the region", comments Ronaldo Mouchawar, Co-Founder and CEO of the company. "Such an ecosystem will provide vital support to retailers and small and medium merchants who want to take their business online without the need to invest massively in technology and infrastructure"

The micro-funding program will officially launch in the second quarter of 2015 when entrepreneurs will be able to submit their projects for review. For the projects accepted into the program, Souq.com will offer mentorship, unrestricted access to the APIs and early access to new API releases.

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About Souq.com:
Leading ecommerce site Souq.com offers a convenient and safe online shopping experience to customers across the Middle East and North Africa. Every month, Souq.com attracts more than 30 million visits and 10 million unique visitors to browse its catalogue of more than 600,000 unique products in 20 different categories, including consumer electronics, household goods, watches, perfumes, toys, and baby products. Established in 2005, Souq.com today operates both as an award-winning retail site and an online marketplace that allows SMEs, merchants, brands and distributors to use the site as a primary channel to offer their products online. With more than 2000 employees, Souq.com has offices and warehouses in UAE, Egypt, Kingdom of Saudi Arabia and Kuwait. For more information, visit www.Souq.com

Media Enquires:
Ehab Ammar
Tel : 971 4 330 40 30 ext 436
Email : e.ammar@ipn.ae 

© Press Release 2015