Safexpay, the digital payments platform, is making bold strides into the Middle East, with plans to invest a substantial $10 million in establishing its presence in the region. The startup’s strategic move aims to offer a range of innovative products in the Gulf Cooperation Council (GCC) countries, including Saudi Arabia, Qatar, and Oman.
Expanding the Horizon
Safexpay is set to introduce a host of services in the Middle East, including white-label payment aggregation, payout solutions, and contactless payment features. The startup’s decision to expand its operations into these GCC countries was a natural progression, given the region’s growing appetite for contactless payments and its commitment to exploring innovative avenues to cater to both consumers and businesses.
Strategic Partnerships for Merchant Onboarding
To establish a solid foothold in the Gulf, Safexpay has entered into strategic partnerships with prominent organizations in the UAE, such as Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, RAKBANK, and Network International. These collaborations are geared towards onboarding a significant number of merchants in the region. Safexpay’s Founder and CEO, Ravi Gupta, stated that the company aims to bring around 5,000 merchants on board over the next two to three years.
Eyeing Broader Horizons
While Safexpay is gearing up for rapid expansion in the GCC, it also has its sights set on neighboring markets. The startup envisions further growth opportunities once its presence in the GCC is firmly established. This strategic approach aligns with Safexpay’s commitment to creating a robust foundation before embarking on broader expansion endeavors.
About Safexpay
Founded in 2017 by Ravi Gupta and Swapnil Jambhale, Safexpay is a Mumbai-based startup specializing in payment solutions, banking services, and value-added offerings. The company boasts a global presence, serving a diverse clientele of 500,000 merchants worldwide.
Indian Startups in the Gulf
The Middle East, particularly the Gulf countries, has recently emerged as an attractive market for Indian startups, primarily due to the substantial Indian diaspora residing in the region. Several Indian startups, including Mensa Brands, Mswipe, Rebel Foods, and Thriwe, have ventured into Gulf countries, aiming to tap into this promising market.
Government Support for Indian Startups in the Middle East
The Indian government has actively fostered connections between Indian startups and the Middle East through initiatives like the India-UAE Startup Corridor. Additionally, collaborative efforts between organizations like FICCI LEADS and the Dubai International Financial Centre (DIFC) aim to nurture and promote startups from India and the UAE, with ambitious goals of creating unicorns and driving innovation in the region.
