< عودة

خبر صحفى

Gulf Capital Takes Stake In Saudi Fintech Firm Geidea

Detail Page Image

Gulf Capital did not disclose the exact size of the stake, but revealed the value of the deal exceeds $267 million. It’s the fifth investment in the technology sector by Gulf Capital, which says it manages $4 billion in assets overall.

Geidea was established in 2008, with branches in Jeddah, Dammam, Abha and Tabouk and 35 maintenance centers in different areas of the country. Its core business area is providing point of sales solutions, which the firm says are certified by Saudi Arabia’s central bank, Visa and Mastercard. Its clients include the Saudi Investment Bank, Samba Financial Group and Al Rajhi Bank among others, according to its website.

“In a relatively short period of time, Geidea has emerged as the market leader in the financial technology sector in Saudi Arabia,” said Karim El Solh, Gulf Capital’s CEO in a statement. “Geidea’s digital technologies also fuel the growth of the banking sector and the retail sector by providing digital financial transactions and the rapid transitioning to electronic payment systems.”

The deal comes just days after the launch of an initiative by Saudi ِArabia’s central bank aiming to promote financial technology in the country, Gulf Capital said in a statement.

The move also comes as neighboring countries in the Gulf region are vying to become centers of fintech innovation. Regulators in Abu Dhabi, Dubai and Bahrain have all adopted friendly stances toward the sector, taking steps such as establishing regulatory frameworks allowing companies to test their products and creating accelerators for startups.

For additional coverage on the regional industry, see Forbes Middle East‘s Top 20 Fintech Startups In The Middle East ranking.

أخر الأخبار

ماستركارد تشهد على جودة تقنيات جيديا للدفع المتنقل

ماستركارد تشهد على جودة تقنيات جيديا للدفع المتنقل

المزيد
بنك الجزيرة يقدم خدمة جهاز نقاط البيع المتنقل والأصغر حجماً لأول مرة

بنك الجزيرة يقدم خدمة جهاز نقاط البيع المتنقل والأصغر حجماً لأول مرة

المزيد
زين السعودية و جيديا توقعان اتفاقية توفير خدمة الربط الرقمي لنقاط البيع

زين السعودية و جيديا توقعان اتفاقية توفير خدمة الربط الرقمي لنقاط البيع

المزيد