B2B FinTech FOO Expands Into Saudi Arabia

Saudi Arabian Monetary Authority

B2B FinTech provider FOO is expanding its operations with a goal of improving digital transformation in Saudi Arabia, according to a press release Tuesday (May 24).

FOO’s services assist with building in-house solutions with a modular platform of microservices, giving personalized products to help with digital transformation. That comes with digitization growing among businesses in the Middle East North Africa (MENA) region.

FOO works with banks and retailers in that region to build digital products to boost business models and customer experience, including solutions for remittances, digital wallets, tokenized transactions and buy now, pay later (BNPL).

The expansion comes as FOO has been working across sectors. The Kingdom of Saudi Arabia (KSA) is looking into digital transformation in all sectors but particularly finance. FOO will focus on digital banking, central bank digital currency (CBDC) based on blockchain, virtual cards and tokenization.

“Saudi Arabia has an extremely high market opportunity for financial disruption with 51% of the population under the age of 25,” said Ghady Rayess, managing director with FOO. “As digital transformation rapidly becomes a national priority, there is a great opportunity for FinTech companies to deliver embedded finance and transform the end-user experience across sectors. The key is understanding how businesses can integrate financial services within the fabric of their digital experience. At FOO, we are well placed to support businesses achieve this goal with agile and personalized digital solutions.”

See also: Saudi Delivery-as-a-Service Company BARQ Raises $4M

Earlier this year, Saudi startup BARQ, a delivery-as-a-service company, raised $4 million in a funding round as of February, PYMNTS wrote.

The cash would be used for expanding its footprint and boosting its product offering to provide more value for customers.

BARQ’s services allow for delivery of products to destinations in quickly, be it eCommerce, restaurant food, groceries or other products, as fast as 15 minutes.