By Lucidity Insights Research Team • April 05, 2025
Geidea and Saudi Arabia’s Cashless Revolution
A decade ago, cash ruled Saudi Arabia’s economy—but that era is fading fast. In just a few years, fintech has taken center stage, propelling the Kingdom toward a cashless future at record speed. By 2023, 70% of transactions were cashless, hitting the country’s Vision 2030 target seven years ahead of schedule.
At the heart of this transformation is Geidea, a fintech pioneer reshaping digital payments for small businesses. Founded in 2008 by Abdullah Al-Othman, Geidea set out to bridge the gap for SMEs struggling with outdated payment systems. In less than a decade, it captured 50% of Saudi Arabia’s POS market, proving that accessible and efficient fintech solutions could revolutionize commerce.
But that was just the beginning. A $268M acquisition by Gulf Capital fueled Geidea’s ambitions, and in 2021, it secured a non-bank payment license from SAMA, cementing its status as a financial powerhouse. By 2022, partnerships with Mastercard, Visa, and SABB helped scale its influence, leading to expansion into Egypt and the UAE.
Geidea’s journey is more than numbers—it’s a testament to innovation, adaptability, and the power of fintech to reshape economies. As Saudi Arabia continues its fintech boom, Geidea stands at the forefront, shaping the future of seamless, digital-first payments across the region.
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The State of Fintech in the Middle East
With 1,500+ fintechs, $4.2B in 2023 funding, 7 IPOs, 30+ M&A exits, and the rise of unicorns and superapps, the Middle East’s fintech sector is transforming into a global powerhouse. Discover the key players, emerging trends, and market forces shaping the future of finance in MENAT.
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