The financial technology landscape in Saudi Arabia is experiencing a significant boost, with the country attracting a surge of activity from fintech firms. Fortis, originating from the UAE, is introducing a comprehensive suite of services including point of sale, customer relationship management, order management, and payment solutions aimed at bolstering small and medium-sized enterprises within the Kingdom.
In a recent dialogue, Arseny Kosenko, Fortis’s Executive Vice President, shared insights on the company’s ambitions and strategic plans for the region. Saudi Arabia is viewed as a key market with immense potential, perfectly aligning with the nation’s transformative Vision 2030 objectives. Fortis is commencing operations in the UAE, laying the foundation for future growth into Saudi Arabia and beyond, into the wider MENA region.
A strategic Kingdom
Fortis’s long-term aspiration is to make a significant impact on the Saudi Arabian market by providing customized offerings that cater to the specific needs of the local businesses and consumers. The company plans to support SME development, thereby contributing to the Kingdom’s GDP growth and enhancing the technological image of the Saudi market.
With events like Expo 2030 on the horizon, Fortis is poised to upgrade merchant and consumer interactions through their sophisticated omnichannel solutions, serving both residents and visitors. The immediate focus is on cementing their UAE presence and establishing a foundation for possible ventures across the MENA region. Their digital tools are designed to elevate business efficiency and customer engagement.
SMEs are a crucial segment for us, and how they engage with their clients shapes the evolution of our product.
Arseny Kosenko, EVP of Fortis
Fortis is adapting its platform to meet Saudi Arabia’s specific market requirements, including compliance with local regulations and business norms. This includes adjusting pricing, marketing, and partnership strategies. The company is dedicated to staying ahead of regulatory changes, maintaining open communication with authorities, and ensuring their team is well-versed in compliance.
Fortis’s strategies are laying the groundwork for becoming a key contributor to Saudi Arabia’s digital transformation, supporting the country’s economic diversification and bolstering local businesses’ global competitiveness. They aim to enhance SME financing through digital tools that improve operational capabilities and broaden market reach.
While details on the Saudi launch are yet to be announced, Kosenko hinted at forming strategic partnerships to streamline business operations, customer relations, and overall performance. Fortis seeks to become an integral omnichannel platform that facilitates better interaction between merchants and customers, offering a seamless technological experience for SMEs while adding value for larger stakeholders such as banks and utilities.
Business fundamentals
Kosenko acknowledges that SMEs often struggle with leveraging customer data and artificial intelligence, which can hinder their competitiveness. The Middle East, a nexus between Europe and Asia, is emerging as a fertile ground for entrepreneurship, with SMEs being the economy’s linchpin. Notably, in the UAE, SMEs represent a significant majority of businesses and employ a large portion of the private sector workforce. Similar trends and opportunities are present in Saudi Arabia, where initiatives like Expo 2030 are driving SME growth.
Fortis operates on a software as a service model, charging clients a recurring fee for licenses. This approach makes Fortis a central player in the region’s tech landscape, empowering SMEs to manage their operations with greater efficiency. Despite only entering the market three months ago, the company is already witnessing promising revenue increases. While it’s too soon for profitability discussions, Kosenko remains optimistic about the company’s financial future.
Fortis has secured $20 million in April from an investment led by Opportunity Venture, with further funding planned through 2020. While expansion plans are still in the discussion phase, Saudi Arabia remains a key target for the company’s growth strategy, given its large market and numerous development projects. With ample financial backing, Fortis’s goal is to expedite the deployment of their innovative solutions, ensuring a robust market entry.