A NEW FINTECH PLATFORM FUNDING POSSIBILITIES, LAUNCHED IN THE UAE TELR AND URPAY SIGNED STRATEGIC PARTNERSHIP-LEAP23

Telr, the award-winning online payment gateway, and "urpay" digital wallet, a product of neoleap, which is a leading fintech company whose role is to develop the individual and business sectors to be safer and more secure, announced a strategic partnership that allows Telr merchants in Saudi Arabia to accept " urpay" as a payment method for customers buying goods and services online in the Kingdom.

Agroup of six professional entrepreneurs across the UAE and India, who have invested in more than 75+ start-ups and helped businesses raise US$500 million worth of capital, have joined hands to launch a Fintech Platform called Funding Possibilities that will connect start-ups with investors, borrowers with lender and buyers with the seller.

Funding or access to capital has significantly hindered the growth of start-ups and micro, small and medium enterprises (MSMEs) in the UAE. Funding Possibilities is a sought-after platform for both seekers and providers of capital, providing access to various forms of capital beyond equity, including traditional debt, alternative and structured finance. It aims to make private markets more accessible and transparent.

It seeks to give retail investors access to start-ups and enable retail investors to contribute to the overall startup ecosystem and new-age businesses.

Funding Possibilities is a sector and stage agnostic platform aiming to build more than ten profitable unicorns, i.e., Profi-Corns, in the coming decade.

The launch of Funding Possibilities comes barely three weeks after the launch of the Dubai Economic Agenda 'D33' by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, that includes 100 transformative projects, with economic targets of Dh32 trillion over the next ten years, doubling its foreign trade to reach Dh25.6 trillion and adding 400 cities as key trading partners over the next decade. More than 400,000 SMEs operate. They represent more than 60 per cent of the UAE's non-oil economy and provide employment opportunities for 86 per cent of the workforce in the private sector, the Khalifa Fund for Enterprise Development reports.

The partnership agreement between the two companies aims to expand the horizon for merchants in the Saudi market by adding a secure digital wallet, enriching the supported payment methods, and improving their customers' payment experience. Telr is constantly working hard to offer new payment methods to their customers, enriching the collection of offered payment methods that aim to unlock new opportunities for merchants in Saudi Arabia. This partnership supports the continuous efforts toward the transition to digital payments and is in line with the Kingdom's vision to build a cashless society by 2030.

Khalil Alami, Founder & CEO of Telr, valued the signing of this agreement, pointing out that Telr is constantly seeking to come up with a new safe payment to serve all merchants and users around Saudi Arabia and the United Arab Emirates.

Alami also added, "Through this integration, our merchants will be connected to a growing set of payment methods supported by Telr, which aim at enhancing their competitive position in the field of e-commerce and ease the online shopping process for their customers in Saudi Arabia. "