MENA’s leading open banking platform Tarabut entered into a strategic Geidea to explore and potentially develop tailored SME financing solutions, according to a press release.

SMEs currently represent 1.3 million businesses in Saudi Arabia, facing a financing gap of over SAR 300 billion. The current process for SMEs to obtain financing is often lengthy, complex and costly, limiting their ability to manage cash flow.

Both companies will establish groundbreaking solutions that could create more efficient and accessible financing opportunities that empower SMEs.

This partnership aligns with Tarabut’s vision of making financial services better, faster, more accessible and more affordable while directly contributing to the Kingdom’s Vision 2030 goals.

Ziyad Alessa, CEO of Geidea KSA, said: “We plan to work towards enhancing both the user experience and business agility for SMEs, always in accordance with SAMA regulations and guidance.

“Through this partnership with Tarabut, we hope to develop a seamless real-time solution that aligns with Vision 2030’s focus on digital transformation and financial inclusion,” Alessa continued.

Abdulla Almoayed, Founder and CEO of Tarabut, commented: “We are committed to exploring and developing solutions that tackle the challenges SMEs face in accessing financing. Our goal is to make this process simpler, more secure and more accessible through our technology and the partnerships we have built with banks across the Kingdom.”

“Together with Geidea we are looking to identify opportunities for economic growth that align with regulatory requirements, ensuring that even the smallest businesses can access the funding they need to grow and succeed,” Almoayed mentioned.

In September 2024, Tarabut rebranded its entity to Tarabut, which boosted its strategy to reshape open banking and connect the entire financial ecosystem.

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