Tap Payments Company Profile

Background

Overview: Tap Payments is a financial technology company founded in 2014 by Ali Abulhasan, headquartered in Saudi Arabia. The company specializes in providing digital payment solutions across the Middle East and North Africa (MENA) region, aiming to simplify and unify the payment landscape for businesses of all sizes.

Mission and Vision: Tap Payments is committed to revolutionizing online payments in the MENA region by offering seamless, secure, and efficient payment experiences. The company's vision is to empower businesses through innovative financial technology solutions that cater to the unique needs of the regional market.

Industry Significance: As a key player in the MENA fintech sector, Tap Payments has significantly contributed to the digital transformation of the region's payment systems. By integrating local and global payment methods, the company has facilitated easier access to digital commerce for over 100,000 businesses across nine countries.

Key Strategic Focus

Core Objectives:

• Simplification of Payment Processes: Streamlining payment acceptance for businesses by offering a unified platform that supports multiple payment methods.

• Regional Expansion: Extending services across the MENA region to cater to a diverse range of businesses and consumers.

• Technological Innovation: Developing and implementing cutting-edge technologies to enhance payment security and user experience.

Areas of Specialization:

• Payment Gateway Services: Providing businesses with the infrastructure to accept online payments securely.

• Billing Solutions: Offering tools for businesses to manage invoicing and recurring payments efficiently.

• Integration of Local Payment Methods: Facilitating access to regional networks like mada, KNET, Benefit, and Fawry, alongside global options such as Visa, Mastercard, American Express, Apple Pay, and Buy Now, Pay Later solutions.

Key Technologies Utilized:

• Proprietary Payment Gateway: A custom-built platform that ensures secure and efficient transaction processing.

• API Integrations: Enabling seamless integration with various business systems and e-commerce platforms.

Primary Markets Targeted:

• Small and Medium Enterprises (SMEs): Providing accessible payment solutions to support business growth.

• Large Corporations: Offering scalable payment infrastructures to meet complex business needs.

• E-commerce Platforms: Facilitating online transactions for retailers and service providers.

Financials and Funding

Funding History:

As of December 2024, Tap Payments reported annual revenues in the range of $50 million to $100 million. Specific details regarding funding rounds and investors have not been publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies:

• Custom Payment Gateway: A secure and efficient platform designed to handle diverse payment methods and high transaction volumes.

Significant Scientific Methods:

• API-Driven Architecture: Facilitating seamless integration with various business systems and e-commerce platforms.

AI-Driven Capabilities:

• Fraud Detection Systems: Implementing machine learning algorithms to identify and prevent fraudulent transactions.

Leadership Team

Key Executives:

• Ali Abulhasan: Co-Founder & CEO

• Professional Background: Founded Tap Payments in 2014, leading the company to become a prominent fintech player in the MENA region.

• Key Contributions: Spearheaded strategic partnerships and technological innovations, driving the company's growth and market presence.

• Ahmed Al Munayes: Chairman, Kuwait

• Professional Background: Oversees strategic initiatives and governance in the Kuwaiti market.

• Key Contributions: Guides the company's compliance and regulatory strategies, ensuring alignment with local financial regulations.

• Faisal Alharoun: Vice Chairman and Managing Director, Kuwait

• Professional Background: Manages operations and business development within Kuwait.

• Key Contributions: Leads market expansion efforts and fosters relationships with key stakeholders.

Leadership Changes

In March 2024, Tap Payments announced its Board of Directors, with Ahmed Al Munayes appointed as Chairman and Faisal Alharoun as Vice Chairman and Managing Director for Kuwait.

Competitor Profile

Market Insights and Dynamics:

The MENA fintech market is experiencing rapid growth, driven by increasing digital adoption and a shift towards cashless transactions. The region's e-commerce sector is expanding, creating a demand for robust and secure payment solutions.

Competitor Analysis:

• Checkout.com:

• Focus Areas: Provides payment processing solutions for global enterprises.

• Technologies: Offers a unified payments platform with advanced fraud detection capabilities.

• Notable Achievements: Valued at $40 billion in 2022, serving clients like Netflix and Coinbase.

• Worldpay:

• Focus Areas: Offers comprehensive payment processing services for businesses worldwide.

• Technologies: Provides a range of payment solutions, including point-of-sale systems and e-commerce payment gateways.

• Notable Achievements: Became an independent company in February 2024, co-owned by GTCR and FIS.

Strategic Collaborations and Partnerships

• Mastercard Partnership: In November 2024, Tap Payments partnered with Mastercard to launch