Geidea Company Profile

Background

Overview

Geidea is a leading fintech company based in Saudi Arabia, specializing in digital payment solutions, point-of-sale (POS) terminals, and business management services. Founded in 2008 by Abdullah Faisal Al-Othman, the company aims to make payment and e-commerce technologies accessible, affordable, and intuitive for businesses of all sizes. Geidea has become a significant player in the Middle East's fintech landscape, supporting over 150,000 merchants and processing more than 5 million transactions daily.

Mission and Vision

Geidea's mission is to empower merchants by providing innovative payment solutions that enhance business operations and customer experiences. The company's vision aligns with Saudi Arabia's Vision 2030, focusing on driving the nation towards a cashless society and fostering financial inclusion.

Industry Significance

As a pioneer in the fintech sector, Geidea has played a pivotal role in transforming Saudi Arabia's payment ecosystem. Its rapid growth and adoption of cutting-edge technologies have set benchmarks for the industry, influencing both regional and international markets.

Key Strategic Focus

Core Objectives

• Digital Transformation: Facilitate the shift towards a cashless society by providing seamless and secure payment solutions.

• Financial Inclusion: Offer accessible payment technologies to small and medium-sized enterprises (SMEs), enabling their growth and integration into the digital economy.

• Market Expansion: Extend services beyond Saudi Arabia to other Middle Eastern countries, including the UAE and Egypt, to tap into emerging markets.

Areas of Specialization

• Payment Solutions: Develop and deploy POS terminals, mobile payment applications, and e-commerce platforms tailored to various business needs.

• Business Management Tools: Provide integrated systems that assist in inventory management, customer relationship management (CRM), and analytics.

Key Technologies Utilized

• Cloud Computing: Ensure scalable and reliable payment processing services.

• Mobile Technology: Offer app-based contactless payment solutions compatible with smartphones.

• Data Analytics: Utilize analytics to provide insights into transaction patterns and customer behavior.

Primary Markets Targeted

• Saudi Arabia: Dominant presence with a 75% market share in the POS sector.

• United Arab Emirates: Expansion into the UAE market, focusing on the food and beverage (F&B) sector.

• Egypt: Entry into the Egyptian market, partnering with local financial institutions to offer payment solutions.

Financials and Funding

Funding History

• 2018 Acquisition: Geidea was acquired by Gulf Capital, a Dubai-based private equity firm, for SAR 1 billion (approximately USD 268 million).

Recent Funding Rounds

• 2021: Secured a payment license from the Saudi Central Bank (SAMA), enabling direct payment processing services.

Notable Investors

• Gulf Capital: The private equity firm that acquired Geidea in 2018.

Utilization of Capital

• Technology Development: Invested in enhancing payment technologies and expanding service offerings.

• Market Expansion: Utilized funds to enter new markets and establish strategic partnerships.

Pipeline Development

Key Pipeline Candidates

• SoftPOS Solutions: Development of app-based contactless payment solutions for SMEs.

• Integrated POS Systems: Launch of cloud-based POS systems tailored for the F&B and retail sectors.

Stages of Development

• SoftPOS Solutions: Launched in Saudi Arabia in 2021, with plans for regional expansion.

• Integrated POS Systems: Introduced in Saudi Arabia, with subsequent rollouts in the UAE and Egypt.

Target Conditions

• SMEs: Focus on small and medium-sized enterprises seeking affordable and efficient payment solutions.

• F&B and Retail Sectors: Address the specific needs of the food and beverage and retail industries for integrated payment systems.

Anticipated Milestones

• Regional Expansion: Further penetration into the UAE and Egyptian markets.

• Product Enhancements: Continuous development of payment technologies to meet evolving market demands.

Technological Platform and Innovation

Proprietary Technologies

• SoftPOS Solutions: Enables merchants to accept payments via smartphones without additional hardware.

• Integrated POS Systems: Cloud-based systems offering comprehensive business management features.

Significant Scientific Methods

• Data Analytics: Provides insights into transaction patterns and customer behavior to inform business decisions.

• Cloud Computing: Ensures scalable and reliable payment processing services.

Leadership Team

Abdullah Faisal Al-Othman

• Position: Founder and Chairman

• Background: Established Geidea in 2008, leading the company to become a market leader in Saudi Arabia's POS sector.

Laurent Dhaeyer

• Position: Group Chief Strategy & Growth Officer

• Background: Oversees strategic initiatives and market expansion efforts, including the launch of integrated POS solutions in the UAE.

Competitor Profile

Market Insights and Dynamics

• Market Size and Growth Potential: The Middle East's fintech sector is rapidly expanding, with a significant focus on digital payment solutions.

• Industry Trends: A shift towards cashless societies, increased adoption of mobile payment technologies, and a growing emphasis on financial inclusion.

Competitor Analysis

• Fawry: An Egyptian fintech company offering payment solutions, with a focus on bill payments and mobile wallets.

• STC Pay: A Saudi-based digital wallet service, providing mobile payment solutions and financial services.

Strategic Collaborations and Partnerships

• Mastercard and Visa: Partnerships to scale Geidea's technologies across the region.

• Banque Misr: Collaboration to provide SoftPOS solutions in Egypt.

Operational Insights

• Market Position: Geidea holds a dominant position in Saudi Arabia's POS sector with a 75% market share.

• Competitive Advantages: Innovative product offerings, strategic partnerships, and a strong focus on SMEs.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Regional Expansion: Continue to enter and establish a presence in Middle Eastern markets, including the UAE and Egypt.

• Product Innovation: Enhance existing solutions and develop new products to meet the evolving needs of merchants and consumers.

Future Business Directions

• Diversification: Explore additional services such as financial products and value-added services for merchants.

• Technological Advancements: Invest in emerging technologies like artificial intelligence and machine learning to enhance payment solutions.

Contact Information

• Official Website: www.geidea.net

• Social Media Profiles:

• LinkedIn: Geidea

• Twitter: @Geidea

• Facebook: Geidea