Tarabut Gateway and Geidea partnered to improve financing access for small and medium-sized enterprises (SME) in Saudi Arabia.

The prominent MENA open banking platform Tarabut joined efforts with Saudi Arabian payment solutions provider Geidea to address the financing gap faced by over 1.3 million SMEs in Saudi Arabia, which collectively lack access to more than SAR 300 billion in funding.

The two companies have signed a Memorandum of Understanding (MOU) to explore and develop innovative financing solutions for Saudi Arabia’s thriving small business ecosystem. The partners aim to make access to finance more affordable, seamless, efficient, and inclusive.

SMEs are the backbone of any economy, so their ability to achieve their full potential contributes to national economic growth and supports the Kingdom’s Vision 2030. The local government makes many efforts to encourage investment in Saudi Arabia, planning to reach the annual inflow of direct financial injections from other countries of $100 billion by the end of the decade. Among other goals of Saudi Arabia’s Vision 2030, there are economic diversification and SME empowerment by leveraging digital technology and financial inclusion.

Tarabut and Geidea, with their expertise in open banking and payments, aim to simplify the processes of obtaining SME loans and cash flow management. The planned innovative solutions will focus on reducing funding barriers, such as complex application processes and lengthy approvals while ensuring compliance with regulatory requirements.

“This strategic partnership with Tarabut aims to transform financing into a frictionless and always-available resource. Together, we plan to enhance 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.”

Geidea KSA CEO Ziyad Alessa

The combination of Geidea’s extensive point-of-sale market presence (over 75% of Saudi Arabia’s point-of-sale (POS) market share) and Tarabut’s advanced decisioning and orchestration technologies should empower SMEs with efficient and accessible financial tools.