How Geidea Is Leading Saudi Arabia’s Cashless Revolution | Vision 2030

Just a decade ago, cash dominated Saudi Arabia’s economy. Fast forward to today—and the Kingdom has already achieved 70% cashless transactions by 2023, smashing its Vision 2030 target seven years early. At the center of this rapid fintech transformation? Geidea.

Founded in 2008 by Abdullah Al-Othman, Geidea started with a mission: bring modern payment solutions to SMEs stuck with outdated systems. In under 10 years, Geidea claimed 50% of Saudi Arabia’s POS market, proving that smart, scalable fintech could empower businesses at every level.

Backed by a $268M acquisition by Gulf Capital, and with a non-bank payment license from SAMA (granted in 2021), Geidea has grown from a local innovator to a regional force. Partnerships with Mastercard, Visa, and SABB followed, helping the company expand into Egypt and the UAE.

Geidea is more than a fintech success story—it's a symbol of Saudi Arabia’s economic evolution. As the Kingdom accelerates toward a fully digital financial ecosystem, Geidea remains a driving force in POS solutions, SME finance, and cashless innovation.

Read "The State of Fintech in the Middle East" here: https://lucidityinsights.com/reports/...

Geidea and Saudi Arabia’s Cashless Revolution video: https://lucidityinsights.com/videos/s...

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