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Tribal offers digital expense management tool for SMMES in MENA
Tribal, a global fintech company, introduced its expense management platform giving small, medium, and micro enterprises in the MENA region more control over their spending.
Tribal is a payment and financing platform that uses the latest emerging technologies to provide small and medium-sized businesses (SMBs) in emerging markets with better access to financial services.
Tribal offers access to modern payment methods like multi-currency physical and virtual business credit cards, local and international wires, short-term financing, and a powerful spend management platform to track and control their expenses—all in one interface.
According to a study by the International Monetary Fund, SMMEs, including startups, account for over 90% of all businesses in the MENA region. Many of these organizations are looking to adopt new technologies and digitize to effectively adapt to the realities of the post-pandemic world and current macroeconomic challenges.
Digitization and automating financial operations can help SMMEs avoid financial risks, manage resources efficiently, and make real-time decisions.
By harnessing digital tools, finance teams can control and monitor the use of resources in real-time, informing decision-making and allowing them to adapt to changing business conditions in real-time.
According to Tribal, organizations using its digital platform prepared more internal and real-time financial reports in May 2022. The development of these reports is one of the top three activities carried out by Tribal clients, along with bank transfers and credit card management.
Amira Fadel, Regional Manager for Tribal MENA, said: “An instrumental factor in the growth of SMMEs is the control and monitoring expenses. By automating these processes and analyzing data, digital platforms specialized in these areas can greatly improve companies because they provide finance teams with a clear picture of expenditures, allowing them to focus on providing value and creating growth.”
70% of SMMEs have accelerated the use of digital technologies since the pandemic – According to a December 2021 study by the Organisation for Economic Co-operation and Development (OECD).
Effectively monitoring and controlling expenses is integral to a digital transformation strategy as it allows companies to reduce risks and avoid the complications that often come with traditional expense control, such as manual errors, false invoices, and improper use of funds.
However, it can be challenging for many startups to access sophisticated digital solutions through traditional banking because they do not meet the required requirements or do not find solutions tailored to their needs. Fintech companies have emerged as an alternative to meet the unique digital and financial needs of startups and SMMEs.
Fadel added: “Tribal’s expense control platform makes it possible to maximize efficient use of resources by assigning credit limits for each employee or team in a company. Also, through its value offer, the company offers the possibility for companies to have an unlimited number of corporate credit cards.”
By bringing these digital solutions for expense control to startups and SMMEs, Tribal is supporting economic growth in the region by helping companies innovate, integrate, and accelerate into the future. Tribal’s vision is to streamline all financial management processes onto one unified platform to create the most efficient and comprehensive solution for its clients.
Tribal has raised funding from SoftBank Latin America Fund, QED Investors, BECO Capital, Stellar Development Foundation, Coinbase Ventures, and additional crypto and strategic investors. The company is also among an elite group chosen as part of the Visa FinTech Fast Track program.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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