Foodics, a foodtech company based in Saudi Arabia, has signed a partnership with American Express Saudi Arabia, a provider of American Express payment products and services in the Kingdom.
The announcement comes at the back of its series B fundraising in February this year, during which it raised $20 million in a funding round led by Sanabil Investments, a firm wholly owned by Saudi Arabia’s Public Investments Fund.
With this latest announcement, Foodics is on track to exceed its 2021 targets, with 11,000 brands onboarded so far and growing, as well as new product launches also in the pipeline.
The partnership will enable Foodics Saudi food and beverage and retail customers to accept American Express cards on their Foodics Pay POS device. The service has been enabled for all Foodics Pay customers from Oct. 1.
Abdullah Bugshan, Foodics Pay general manager, said: “We are on a mission to become a one-stop-shop platform for restaurant owners to grow their operations effortlessly. Our partnership with American Express Saudi Arabia will further help restaurant and retail owners to increase their sales, by offering an additional world-class payment option. We are thankful to the American Express team for their trust and support, and delighted to welcome them to the Foodics family.”
Assim Alshmassi, American Express Saudi Arabia chief business development officer, said: “At American Express Saudi Arabia, we are committed to offering unique products and services to our existing and prospective customers. In this context, we are delighted to be signing this partnership with Foodics, as this allows us to extend our network of merchants to include Foodics’ food and beverage and retail customers in the Kingdom. This partnership comes in direct support of our objective to continuously meet and exceed our customers’ expectations.”
Since its inception, Foodics has successfully processed more than 5 billion orders through the platform, and over 50,000+ terminals while catering to more than 11,000 food and beverage brands. This latest major announcement is expected to further strengthen its position in the Kingdom.
The tech company, which offers an all-in-one retail management platform helping retail and restaurant owners run their business, had recently announced its series B, bringing the total funds raised by Foodics so far to $28 million.
