STCpay | Saudi’s first Unicorn
STCpay is an interesting fintech player in the Saudi Fintech Ecosystem. It’s a fintech born within the walls of one of the largest telecommunications players in the Kingdom, and one of the largest companies in the Kingdom: Saudi Telecoms Company (STC). STC is ranked 3rd in Forbes Middle East’s “Top 100 Companies in Saudi Arabia” list, which takes into account market capitalization, revenue, profit, and assets. STC is a heavy-weight that posts $15 billion USD in annual revenues, and over $2 billion USD in profits each year.
STCpay’s origin story is that of a large, powerful, and asset-heavy company (STC) giving birth to a small, nimble, and asset-light company (STCpay) that would be easy to scale - in hopes that these two businesses together can become a formidable and unstoppable force. In 2017,