With its eyes on launching several products in the region, the startup will invest around $10 Mn to set up its operations there
To onboard around 5,000 merchants in the next two to three years, Safexpay has partnered with several organisations in the UAE
Safexpay has set its sights on expanding into neighbouring markets once it solidifies its market in the GCC region
Digital payments solution startup Safexpay has expanded its footprint into three key GCC (Gulf Cooperation Council) countries – Saudi Arabia, Qatar and Oman and plans to invest around $10 Mn in the region to set up operations.
The startup is eyeing to launch white-label payment aggregation, payout solutions, and contactless payment features in the region.
In a statement, Safexpay said it has partnered with several organisations in the UAE, including Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, RAKBANK, and Network International, to onboard merchants in the Gulf.
Ravi Gupta, founder and CEO at Safexpay, said, “The decision to target Saudi Arabia, Qatar and Oman was a natural progression for Safexpay. The GCC countries, including the UAE, Qatar, Oman and KSA, are witnessing exponential growth in contactless payments and are actively exploring innovative ways to serve consumers and businesses. This presents a significant opportunity for Safexpay to make a meaningful impact.”
Gupta stated that the company will aim to onboard around 5,000 merchants in the next two to three years.
Further, Safexpay has set its sights on expanding into neighbouring markets once its presence is well-established in the GCC. “This plan aligns with the company’s strategy of creating a strong foothold before broadening its reach,” the startup said.
Founded in 2017 by Ravi Gupta, along with Swapnil Jambhale as cofounder, Safexpay is a payment, banking and other value-added solutions provider. The Mumbai-based startup claims to service 500K merchants across the world.
Recently, gulf countries have emerged as a target market for Indian startups, chiefly due to the large Indian diaspora present in the region. Recently, ecommerce rollup unicorn Mensa Brands and Mswipe announced their entry in the UAE. Meanwhile, Rebel Foods and Thriwe have also entered Saudi Arabia.
The government launched the India-UAE Startup Corridor last year to foster the connection between India and the Middle East. FICCI LEADS, a business incubator, and the Dubai International Financial Centre (DIFC), too, inked an MoU last year.
The pact would see the two bodies select at least 50 startups from India and UAE over five years From this lot, the two entities aim to make a minimum of 10 unicorns by 2025.