Geidea
A Saudi payments company offering point-of-sale devices, payment acceptance services and business tools for merchants
Geidea is a Saudi payments company based in Riyadh. The idea emerged in 2008 and the company launched in 2011. It says it is the only non-bank entity licensed by the Saudi Central Bank to accept card payments, and it has more than 530,000 merchants.
What does Geidea do?
Abdullah Al-Othman founded Geidea after seeing an opportunity in 2008 in electronic payments for small shops. The company launched in 2011 as a loyalty program solution and released its first certified point-of-sale device in 2013. In May 2018, Gulf Capital of Abu Dhabi invested more than SAR 1 billion in it, and in 2021 it received an acquiring license from the Saudi Central Bank and expanded to the UAE and Egypt. Its valuation has not been disclosed.
Products
Payment devices for merchants, including a Geidea-made device launched in 2024
Turns an Android phone into a card payment acceptance device
A payment gateway, payment links and e-commerce payment acceptance
Key features
- Acquiring license from the Saudi Central Bank (2021)
- Accepts mada, Visa, Mastercard, Amex and Apple Pay
- POS software, online ordering and loyalty programs for merchants
- Operates in Saudi Arabia, the UAE and Egypt
- Describing it as the only non-bank entity licensed for acquiring in Saudi Arabia is the company's own description
- Gulf Capital, a private equity firm in Abu Dhabi, invested more than SAR 1 billion in 2018 without announcing the size of its stake, and its CEO is co-chairman of Geidea's board
- Geidea's valuation has not been disclosed, no source describes it as a unicorn, and we found no government or Public Investment Fund stake
The documentary
Funding rounds
| Round | Date | Amount | Lead | Investors | Source |
|---|---|---|---|---|---|
| Strategic (PE) | May 2018 | $266M | Gulf Capital | Gulf Capital | Source |
Key investors
Founders
Common questions about Geidea
When was Geidea founded?
The idea emerged in 2008, and the company launched in 2011 as a loyalty program solution. It released its first point-of-sale device in 2013.
Who founded Geidea?
Abdullah Al-Othman, who is the executive chairman.
Who has invested in Geidea?
Gulf Capital of Abu Dhabi, with an investment of more than SAR 1 billion in May 2018, alongside AO Holding, which is affiliated with the founder.
Is Geidea a unicorn?
No. Its valuation has not been disclosed.