Alinma Bank, Foodics sign strategic fintech partnership to empower SMBs in Saudi

Alinma Bank, one of Saudi Arabia’s financial institutions, has signed a strategic fintech partnership with Foodics, the cloud-based technology and payments platform for restaurants in the MENA region.

The partnership aims to specifically benefit small business owners (SMBs) and micro-businesses in the kingdom.

This announcement comes in direct support of Saudi Arabia’s goal to raise the contribution of SMBs to the economy, and its launch of several accelerator programmes. A key driver of economic development and diversification, SMB’s strength rests on their ability to stay lean, and to adapt to changing consumer behavior and market conditions. Under this partnership, the two brands have come together to launch new products to enable small business owners to have full autonomy over their business decisions, allowing them to sell from anywhere at any time and accept payments on the go. This will allow them to maximise their sales and their productivity, while keeping track of their sales figures, inventory and customers.

يسعدنا أن نعلن عن توقيع شراكة استراتيجية في مجال التقنية المالية مع #مصرف_الإنماء@AlinmaBankSA
وتأتي هذه الشراكة لإطلاق منتجات وحلول جديدة بهدف تمكين الأعمال التجارية الصغيرة والمتوسطة لتعزيز مشاركتهم في الاقتصاد الوطني وفقاً لرؤية 2030

لمعرفة المزيد: https://t.co/F9mBhyyupT pic.twitter.com/jmckJqLLzd

— Foodics Saudi | فودكس السعودية ?? (@foodics) July 18, 2022

Saleh Abdullah Alzumaie, senior vice president of Alinma Bank said: “At Alinma Bank, we have always been keen to support the small and medium-sized companies sector, which contributes mainly to the national economy. We look forward to strengthening our leadership in supporting this vital sector, in cooperation with the Foodics team to serve Alinma customers.”

Ahmad Al Zaini, Foodics’ CEO and co-founder commented, “We are proud to be partnering with Alinma Bank, one of the largest financial institutions in the kingdom, as well as holder of one of the most advanced banking infrastructures in Saudi Arabia. This strategic alliance will empower SMB and micro-business owners as well as the entire ecosystem. It will enable both Foodics and Alinma Bank SMB customers to be more agile, by digitising onboarding, giving them better rates as well as enabling daily settlements of customer payments twice a day, which will be a huge advantage to SMB owners, given that cash flow is so critical for their growth and sustainability.”

Meanwhile, a series of new product launches is planned in the coming months to support SMBs anywhere, be that in-store, outdoors, at a drive-thru, or wherever else their business or brand may be located.

Read: Saudi Arabia’s Foodics raises $170m in Series C round in MENA