Foodics, the Food and Beverage (F&B) and Retail tech startup based in Saudi Arabia has announced today (27.10.2020) the launch of Foodics Capital, its micro-lending arm to support Saudi based F&B merchants post Covid-19.
The food tech startup has raised US$ 100 million (SAR 375 million) by partnering with Maalem Financing.
It is planning to offer loans starting from US$ 5,000 (SAR 18,750) and up to US$ 133,000 (SAR 500,000). They say that the initial approvals can take as less as 24 hours with final approvals made within a week.
The company has serviced more than 5000 customers to date and processed over a billion orders through its Software-as-a-Service (SaaS) platform and hence totalling over $2 billion gross merchandise volume (GMV) transactions in 2019, also catering to more than 10,000 F&B outlets.
The Product has acquired SAMA (Saudi Arabian Monetary Authority) approval. The first phase will benefit existing FOODICS customers and then the product will be rolled out more widely in KSA before the end of 2020.
What Foodics has to say
“With cash flow being a critical pain point for small business owners right now, we wanted to be able to offer them a one stop shop that also covers their finance needs and enables them to accelerate their growth rate,” said Ahmad Al-Zaini, co-founder and CEO.
“Foodics is indeed very proud to now allow merchants to finance their working capital by giving them access to Shariah-compliant micro loans through Foodics Capital,” he added.
Abdullah Tahboub, Foodics CFO said, “This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region. Our application process is indeed straightforward, as all is completed online on our platform.”
About Foodics
It was founded in 2014 by Ahmad Al-Zaini and Mosab Al-Othmani in Khobar, Saudi Arabia. Foodics has its headquarters in Dubai, UAE. It offers a cloud-based all-in-one restaurant management system on an iPad which supports multiple languages like Arabic, English and Turkish.
The company provides high tech solutions and real-time management and supports its clients by providing a unique style of futuristic dining. They operate in five locations across the Middle East and have 24/7 service availability. Foodics entered Egypt last month and is also in the process of closing its series B funding round.
About Maleem Financing
Maalem Finance Company was established in 2009 as a limited liability company (LLC) and later became a closed joint stock company in the first quarter of 2013. It is headquartered in Riyadh, Saudi Arabia. Maalem Financing focuses on consumer finance, automotive, household furniture, electrical and household appliances and the financing of small and medium enterprises.
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