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Top fintech firms PayTabs and FlapKap have signed a partnership agreement to help SMEs in the UAE scale up.
PayTabs is the leading payment solutions provider in the region, while FlapKap is the leading revenue-based financing platform in the Mena region.
The partnership between the two companies aims to support new and established PayTabs entrepreneurs, web entrepreneurs and small and medium e-commerce enterprises (SMEs) based in the UAE to obtain fast and flexible financing within hours.
The agreement was signed at the PayTabs offices ahead of the Seamless Event in Dubai.
SMEs are major players in the global landscape, especially in a fast-paced economic hub like the emirate. With twice as many young Arabs in the GCC shopping online now compared to five years ago, e-commerce is a lucrative industry with huge potential for entrepreneurs looking to launch their next big idea .
In fact, the Dubai Chamber of Commerce predicts that the UAE e-commerce market is expected to reach $9.2 billion by the end of 2026, with electronics, fashion and food leading the growth of the SME sector.
However, trying to raise capital to expand e-commerce or working capital to run an e-commerce business can still prove to be a long, daunting and tedious process.
In this case, PayTabs facilitates digital payment processing and provides merchants with multiple payment acceptance methods including debit cards, credit cards and wallets – while FlapKap enables SME e-commerce businesses in the UAE to take advantage of financing solutions.
As part of the partnership, more SMEs will enable their e-stores to seamlessly and securely accept mobile, social, QR and online payments through the PayTabs payment gateway, while utilizing FlapKap’s working capital financing to meet their business inventory Procurement or logistics support needs, for example, it said.
Neelam Keswani, General Manager of PayTabs UAE, said FlapKap was the ideal partner as they understand the challenges that small businesses face when operating in a similar ecosystem.
“Our partnership enables more online stores to streamline their payment acceptance and digital invoicing, so they can focus on securing the capital necessary to scale their businesses to meet the surge in demand for everything online,” he said.
Regarding the key partnership, FlapKap’s Vice President of Growth Kunal Harisinghani said: “Our partnership with PayTabs will add tremendous value to the SME ecosystem. This is the first time in the region that a best-in-class payment solutions provider and An innovative revenue-based financing solution has come together.”
“FlapKap and PayTabs have similar agendas in terms of impacting the SMB and eCommerce space; providing them with data-driven growth opportunities,” he noted.
With the addition of the FlapKap solution as a product for PayTabs merchants, brands can now unlock greater value creation through increased inventory buying power, marketing optimization and regional expansion,” he added.-TradeArabia News Service
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