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From one machine to USD 1bn valuation: Geidea

Geidea

Geidea was launched in Saudi Arabia in 2008 with a mission to make payments and e-commerce technology as accessible and affordable as possible. The company aimed to bring the latest processing tech to merchants of all types and sizes.

While it may have been ambitious, Geidea achieved this goal within just a few years. Having launched its first certified point-of-sale (POS) terminal in 2013, by 2015 it was Saudi Arabia’s market leader with 50% of the POS market.

Within three more years, it reached unicorn status following a USD 1bn acquisition by one of the region’s financial giants, Gulf Capital. Geidea continued to break new ground, becoming the first fintech in Saudi Arabia to be licensed as a payment institution.

 A year later, in 2021, the company expanded its operations into Africa, signing a deal with a major bank in Egypt. A few months later, Geidea saw its second international expansion of the year, signing a deal to provide services for UAE payment provider Magnati.

Today, Geidea remains committed to its mission to help small businesses gain access to the technologies that only the big players could previously benefit from. By delivering best-in-class solutions to the SME sector, the company has levelled the payment processing playing field.

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