Emirati fintech firms ink collaboration agreement to help SMEs

Emirati fintech firms ink collaboration agreement to help SMEs

Top fintech firms PayTabs and FlapKap have signed a partnership agreement to help UAE-based SMEs scale.

PayTabs is a leading provider of payment solutions in the region, while FlapKap is the Mena region’s leading income-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.

The agreement was signed at PayTab’s offices, before the Seamless Event in Dubai.

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.

In fact, the Dubai Chamber of Commerce estimates that the e-commerce market in the UAE is expected to reach $9.2 billion 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, it said.

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PayTab’s UAE Managing Director Neelam Keswani said FlapKap was the ideal partner as they understood the challenges faced by small businesses since they operate under a similar ecosystem.

“Our partnership enables more online retailers to streamline their payment acceptance and digital invoicing so they can focus on raising the necessary funding to scale their businesses to meet the growing demand for everything online,” he said.

Commenting on the key partnership, Kunal Harisinghani, FlapKap’s VP for Growth said, “Our partnership with PayTabs is one that will add immense value to the SME ecosystem. It is the first time in the region that a best-in-class payment solutions provider and an innovative revenue-based financing solution has come together.”

“FlapKap and PayTabs share a similar agenda to impact the SMB and e-commerce segments; providing them with data-driven growth opportunities,” he noted.

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,” he added.

Copyright 2022 Al Hilal Publishing and Marketing Group provided by SyndiGate Media Inc. (Syndigate.info).

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