The partnership aims to elevate the growth of UAE ecommerce merchants by providing SME's with revenue-based funding facilities.
DUBAI, UAE, May 18, 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 e-commerce businesses (SMEs) based in the UAE to obtain a fast and flexible funding offer within hours.
SMEs are key players in the global landscape, especially in fast paced economic hubs like the Emirates. Because twice as many young Arabs in the GCC shop online now compared to five years ago, ecommerce is a lucrative and high potential sector for entrepreneurs wanting to launch their next big idea. In fact, the Dubai Chamber of Commerce forecasts the UAE e-commerce market is expected to reach US$9.2 billion by the end of 2026 with electronic gadgets, fashion and food leading the way for the growth of the SME sector. However, trying to raise capital to scale up an e-business or working capital to run an ecommerce enterprise is still proving to be a long, intimidating, 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 on financing solutions via the FlapKap app. As part of the collaboration, more SME businesses will enable their e-stores to accept mobile, social, QR and online payments seamlessly and securely through the PayTabs payment gateway while availing working capital financing from FlapKap to meet their business inventory purchasing or logistic support requirements, for example.
Commenting on the partnership Neelam Keswani, PayTabs UAE General Manager said, "FlapKap is the ideal partner as they understand the challenges that small businesses face since they operate under a similar eco system. Our partnership enables more web stores to streamline their payment acceptance and digital invoicing so they can focus on obtaining necessary funding to scale their businesses to meet the surging demand for 'online everything.'"
Kunal Harisinghani, FlapKap's VP of Growth added: "Our partnership with PayTabs is one that will add tremendous value to the SME ecosystem. It's the first time in the region that a best-in-class Payments Solutions provider and an innovative Revenue-Based-Funding solution have come together. FlapKap and PayTabs share a similar agenda to impact the SME and Ecommerce segments; empowering them with data driven growth opportunities. With the FlapKap solutions being added as an offering for PayTabs merchants, brands can now unlock larger value creation by means of increased inventory purchasing power, marketing optimization, and regional expansion. I am extremely excited about this partnership, and we will certainly be evolving this further continuously to bring growth to our valued merchants.'
About PayTabs
The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the ?rst soft POS solution in the MENA market to transform smart phones into merchant point of sale (POS) terminals. In 2022, PayTabs made a leapfrog move to pioneer next generation payments, by launching its home owned, globally validated unified payments and transaction processing platform -PayTabs SwitchOn®. PayTabs unified payment processing orchestration enables governments and large-scale originations to become independent payment platforms to serve their industries.
In 2022, the company acquired the Saudi point-of-sale company Digital Pay and Türkiye'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 & Saudi Arabia and presence in many other locales including Turkey, India, and Egypt. The company is an equal opportunities employer with a multi-cultural team. For more milestones visit https://site.paytabs.com/en/
About FlapKap
FlapKap is MENA's leading Revenue Based Financing (RBF) fintech solution that has been founded by Ahmad Coucha and Khaled Nassef in 2022.
Born in Cairo, Egypt; the young powerhouse has spread rapidly to the larger MENA region and established exponential growth with its innovative tech solution for funding ecommerce businesses.
FlapKap unlocks growth potential in ecommerce brands by providing Funding for inventory and combining it with their innovative tech. FlapKap provides ecommerce brands funding that is Fast, Flexible and Insightful. The key differentiation being flexibility wherein brands are provided funding that is Revenue Based payback modelled and is collateral Free.
FlapKap's entry into the GCC was also keeping in mind that the RBF solution is Shariaa compliant and is Equity free. Which means FlapKap doesn't take Equity like traditional VC funding.
The solution is tailored for Ecommerce brands that are able to sign up on FlapKap app by simply connecting their ecommerce store (Shopify, Woocommerce, Magento etc) and get a funding offer in 48 hours. The offer includes growth consultancy from the inhouse team of ecommerce growth experts. This combination of growth consultancy with funding is the unique success formula which hundreds of brands have leveraged across the MENA region already.
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