Fintech startup Thimsa, co-founded by two Saudi entrepreneurs and a financial expert, has launched a beta platform in the UAE and Bahrain to streamline business payments using direct bank transfers, targeting the region’s open banking growth. The startup aims to facilitate instant B2B transactions, eInvoices, and subscriptions. This initiative is motivated by the projected growth of open banking in the Gulf Cooperation Council (GCC) countries, expected to handle over $124 billion in transactions by 2031. Thimsa’s platform, leveraging 350 integrated APIs, will enable businesses to streamline processes, create personalized financial services, and accept payments in over 60 currencies from more than 150 countries.
Co-founder Rayan Azab highlighted that Thimsa aims to help small businesses by providing affordable and efficient payment management solutions. Azab, along with partners Ash Kalra and Salah Khashoggi, brings diverse experiences to the venture, ensuring its success in the burgeoning GCC open banking sector. Kalra emphasized that Thimsa’s integration with digital economies aligns well with Saudi Arabia’s Vision 2030, promoting innovation and inclusiveness. The founders plan to perfect their product in the GCC before expanding globally, ensuring security and compliance with regulatory standards.