Riyadh – Mubasher: Saudi financial technology company Geidea has teamed up with fintech platform for debt crowdfunding Forus, on 2 January, to empower local small and medium enterprises (SMEs) by simplifying access to capital and loan financing.

Local businesses will be able to repay their loan instalments directly through point-of-sale (PoS) terminals while automatically setting aside a percentage or part of monthly revenue for their loan obligations, according to a press release on Sunday.

Making cash or physical payments will be replaced by the new automated solution to make the loan repayment process simple, speedy, and secure.

Both companies aim to enhance the financial wellbeing of Saudi business owners by helping them to scale and sustain their projects through easy and safe digital payment solutions.

Founder and Chairman of Geidea, Abdullah Alothman, said: “Access to capital and financing often becomes a barrier to entry and growth for a lot of entrepreneurs in the Kingdom.”

Forus’ CEO and board member, Nosaibah Alrajhi, commented: “With the transparency and security offered by the digital repayment solution, this partnership will help boost investment in the Kingdom’s SME sector.”

In November 2021, Geidea penned a similar partnership agreement with Alamthal Financing to provide loan financing and repayment services for Saudi SMEs through auto repayment of loans.