The firms’ collaboration aims to support new and existing PayTabs UAE-based entrepreneurs, webpreneurs, and small and medium ecommerce businesses (SMEs) in obtaining fast and flexible funding offers within hours.
The press release details that SMEs are key players in the global landscape, predominantly in the fast-paced economic hubs of the likes of the Emirates. As twice as many young Arabs in the GCC shop online compared to five years ago, ecommerce is thought of as a lucrative and high-potential sector for entrepreneurs looking to launch ‘their next big idea’.
The Dubai Chamber of Commerce expects the UAE commerce market to reach USD 9.2 billion by the end of 2026, with the growth of the SME sector being led by electronic gadgets, fashion, and food. Despite this, raising capital to scale up an e-business or working capital to run an ecommerce enterprise remains a long, intimidating, and tedious process.
Within this landscape, PayTabs facilitates digital payment processing and provides merchants with numerous payment acceptance methods including debit cards, credit cards and wallets, whereas FlapKap enables UAE-based SME ecommerce businesses to leverage financing solutions through the FlapKap app.
Through the partnership, an increased number of SME businesses are set to enable their e-stores’ acceptance of mobile social, QR, and online payments in a simple and secure manner via PayTabs’ payment gateway, while availing working capital financing from FlapKap to address business inventory purchasing or logistic support requirements, among others.
Neelam Keswani, PayTabs UAE General Manager believes FlapKap is the ‘ideal partner’ since they have an understanding of the challenges small businesses are facing, as they operate under a similar ecosystem. Per their statement, the collaboration enables more web stores to simplify their payment acceptance and digital invoicing so that they can focus on obtaining the funding necessary for scaling their business to address the increased demand for ‘online everything’.
Adding on this, Kunal Harisinghani, FlapKap's VP of Growth advised that the collaboration with PayTabs is set to add increased value to the SME ecosystem, as it marks the first time the region has seen a payments solution provider and revenue-based funding solution come together. The official said that the companies share a similar goal of impacting the SME and ecommerce segments and enabling them with data-driven growth opportunities.
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