- FLEX allows repayment of tech subscription with no upfront payment, zero percent interest rate, and zero hidden fees
- Flexible repayment program by Foodics launched to ease cash flow pressure of F&B merchants
- Foodics is innovating to leverage their payment aggregation model and B2B PNPL market opportunities with its new tech subscription plan
15 October 2023, Riyadh, Saudi Arabia – FOODICS, the leading cloud-based restaurant management technology and payments platform in the MENA region, announces the launch of a new Fintech offering in the B2B BNPL (“Buy Now Pay Later”) market to enable its F&B clients in KSA to pay for their subscriptions and hardware purchases in micro installments taken from the collected revenue through Foodics Pay, with zero interest and zero upfront payments.
According to Deloitte’s 2023 report on the future of BPNL*, whilst the global BNPL market has experienced rapid growth in recent years, its market share in the Middle East is currently considerably lower compared to other regions such as Europe, North America and Australia.
However, the rising demand for flexible payment options among consumers is not unique to the B2C marketplace. Businesses themselves are looking for more flexible payment options, which represents a significant opportunity for Foodics and backs the launch of its Flex BNPL subscription plan.
Ahmad Al Zaini, Foodics CEO and Co-founder, commented, “We see a huge opportunity to capture market share on payments and grow the number of F&B outlets we serve, given the acceleration in the adoption of tech & digital payments in the SME space.”
He added “F&B merchants are traditionally under a heavy burden when it comes to bills. In this context, technology is supposed to help them optimize financial efficiency, not hinder it. At Foodics, we strive to be the partner that brings to the F&B industry the flexibility and ease of doing business. I am proud that we are bringing this to life with our new program “FLEX”. FLEX is key for those looking to adopt advanced tech solutions while maintaining their cash flow and growing.”
The B2B BNPL market remains a relatively untouched opportunity, which Foodics aims to capitalize on by innovating to capture the market share, by offering deferred interest free installments to its customers.
Through FLEX, F&B outlets can have immediate and direct access to all our Foodics Tech, without the burden of an upfront payment, with 0% interest rate and zero hidden fees, making it easier on F&B SMEs owner’s cash flow and finance operations.
For more information on the new Foodics Flex product, please visit https://www.foodics.com/flex-program-landing-page/
* Deloitte’s 2023 report on the future of BPNL in the Middle East
– END –
About FOODICS:
FOODICS is the leading Restaurant and Payment Tech company in MENA, with an innovative 360° SaaS ecosystem making it a pioneer in the regional F&B industry. Formally licensed as a Fintech company by the Saudi Central Bank (SAMA), the company’s vision is to build a complete restaurant management ecosystem that enables owners to run their operations seamlessly and grow their business. Its mission is to empower restaurant and merchant owners with a comprehensive cloud-based POS system to enrich their operations. FOODICS caters to every segment of the F&B sector from traditional dine-in restaurants, cafés, quick service restaurants, bakeries, food trucks through to cloud kitchens and non-food micro-retailers. Since its inception in 2014, it has successfully processed over 6 billion orders through the platform and raised a record USD170 mil in Series C round, making it one of the most promising SaaS companies to emerge from the MENA region.
For more information, please visit www.foodics.com
