FinTech firms PayTabs and FlapKap partner to ‘superpower’ UAE e-commerce brands.
The partnership aims to raise the growth of UAE e-commerce sellers by offering SMEs with income-based financing facilities.
DUBAIUAE, 18 May 2023 /PRNewswire/ — PayTabs, MEASA’s award-winning payment solutions provider, today announced a strategic partnership with FlapKap, MENA’s leading revenue-based financing platform.
The collaboration between the two firms aims to support new and existing PayTabs entrepreneurs, webpreneurs and small and medium-sized e-commerce businesses (SMEs) based in the UAE to get a fast and flexible funding offer within hours.
PayTabs and FlapKap sign a partnership agreement to help UAE-based SMEs scale. The agreement was signed at the PayTabs offices, before the Seamless Event in Dubai, UAE (PRNewsfoto/PayTabs)
SMEs are key players in the global landscape, especially in fast-moving economic hubs such as the Emirates. With twice as many young Arabs in the GCC shopping online now compared to five years ago, e-commerce is a lucrative and high-potential sector for entrepreneurs looking to launch their next big idea. Actual, the Dubai The Chamber of Commerce estimates that the UAE e-commerce market is expected to reach 9.2 billion dollars by the end of 2026 with electronic gadgets, fashion and food leading the growth of the SME sector. But trying to raise capital to scale up an e-business or working capital to run an e-commerce business still proves to be a long, daunting and tedious process.
Under this landscape, PayTabs facilitates digital payment processing and offers merchants multiple payment acceptance methods, including debit cards, credit cards and wallets – while FlapKap enables SME e-commerce businesses in the UAE to leverage financing solutions via the FlapKap app. As part of the collaboration, several SMBs will enable their e-stores to accept mobile, social, QR and online payments seamlessly and securely through the PayTabs payment gateway while leveraging working capital funding from FlapKap to meet their purchasing requirements of company inventory or logistics support. , for example.
Commenting on the partnership Neelam Keswanisaid PayTab’s UAE General Manager, “FlapKap is the ideal partner as they understand the challenges that small businesses face as they operate under a similar ecosystem. Our partnership enables more online retailers to streamline payment acceptance and digital invoicing so they can focus on acquiring necessary funding to scale their businesses to meet the growing demand for
“.
Kunal Harisinghaniadded FlapKap’s VP of Growth, “Our partnership with PayTabs is one that will add tremendous value to the SMB ecosystem. It’s the first time in the region that a best-in-class payment solutions provider and an innovative revenue-based financing solution have come together. FlapKap and PayTabs share a similar agenda to impact the SMB and e-commerce segments; provide them with data-driven growth opportunities. With the FlapKap solutions added as an offering for PayTabs merchants, brands can now unlock greater value creation through increased inventory purchasing power, marketing optimization and regional expansion. I am extremely excited about this partnership and we will certainly continue to develop this continuously to bring growth to our valued merchants.”
About PayTabs
PayTabs Group is an award-winning payment solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
After processing the first direct payment gateway transaction in 2014, PayTabs today processes transactions in multiple currencies and markets, quickly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale and exchange platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has tailored and exported a full stack of solutions for change. These include mobile applications, hospitality, government, education, airlines, travel, transportation and invoicing solutions, to connect the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the first soft POS solution in the MENA market to transform smartphones into merchant point of sale (POS) terminals. In 2022, PayTabs took a step to pioneer the next generation of payments, by launching its homegrown, globally validated unified payment and transaction processing platform -PayTabs SwitchOn®. PayTab’s unified payment processing orchestration enables governments and large-scale originators to become independent payment platforms to serve their industries.
In 2022, the company acquired Saudi point of sale Digital Pay and Turkey’s social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments.
PayTabs has dedicated offices in the GCC including the UAE and Saudi Arabia and presence in many other places, including Turkey, Indiaand Egypt. The company is an equal opportunity employer with a multicultural team. For more milestones visit https://site.paytabs.com/en/
About FlapKap
FlapKap is MENA’s leading Revenue Based Financing (RBF) fintech solution founded by Ahmad Coucha and Khaled Nassef in 2022.
Born in Cairo, Egypt; the young powerhouse has spread rapidly to the greater MENA region and established exponential growth with its innovative technology solution for financing e-commerce businesses.
FlapChap unlockpp growth potential in e-commerce brands by providing financing for inventory and combining it with their innovative teaCap. FlapKap provides e-brand financing that is fast, Flexible and insightful. The key differentiator is flexibility in which brands are given funding Income Based repayment modelled and is collateral Free.
FlapKap’s entry into GCC was also to remember that the RBF solution is Sharia compliant and is Equity free. Which means FlapKap doesdo not take Equity as traditional VC funding.
The the solution is tailored for e-commerce brands who can sign up The FlapKap app by simply connecting to their e-commerce store (Shopify, Woocommerce, Magento etc) and get a financing quote in 48 hours. The offer includes growth advice from the internal e-commerce team growth experts. This combination of growth consulting with financing is the unique success formula that hundreds of brands have already exploited in the MENA region.
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SOURCE PayTabs
