Riyadh–Mubasher: Geidea, a Saudi financial technology (fintech) company, has partnered with Magnati to expand its businesses in the UAE across the retail, F&B, wholesale, hospitality, and healthcare sectors.

Being a payment service provider (PSP) for Magnati, Geidea will offer value-added services and payment solutions to UAE-based companies and contribute to accelerating digital payment in the country, according to a press release on Thursday.

The partnership is Geidea’s first major agreement in the UAE and came following the company’s launch into the Egyptian market in June 2021.

The Founder and Chairman of Geidea, Abdullah Al Othman, said: “Over a decade ago, Geidea began with the critical mission of reshaping the payments industry by building a suite of solutions that would make payments more accessible, affordable and intuitive for businesses of all sizes.”

Furthermore, the CEO of Magnati, Ramana Kumar, noted: “With Magnati’s reach and Geidea’s fintech experience, we will be able to synergize our capabilities and boost digital payments growth in UAE and GCC and North Africa.”

In January, Geidea joined fintech platform for debt crowdfunding Forus to endorse local small and medium enterprises (SMEs).