Episode Six Partners with Loop to Drive Financial Inclusion through Fintech-as-a-Service in the Kingdom of Saudi Arabia
Loop and Episode Six announce partnership to advance payments modernization
Riyadh, April 16th 2024 – Episode Six (E6), a leading global provider of enterprise-grade payment processing and ledger infrastructure, has today announced a partnership with Loop, a major e-Money institution (EMI), to power its Fintech-as-a-Service offering in the Kingdom of Saudi Arabia (KSA). E6 will power Loop’s cards, wallets and instant payment solutions to fulfill Loop’s strategic goal to become a digital financial services enabler
The Kingdom is bolstering from a growing digital payments scene, recently reaching a market share of 62%, only eight points below its 2025 target of 70%. Much of this growth has been fueled by the nation’s bold Vision 2030 plan – to fulfill its ambition of becoming a leader in digital technology
E6’s powerful, modern platform will enable Loop to offer the type of innovative and disruptive digital payments that will make the Vision 2030 plan possible, and bring new payments products to the market that their customers will love
“Saudi Arabia is driving change fast across digital payments and is ambitious to become a tech leader in this space,” said Mr. Ali Alobaid, the CEO of Loop. “Our collaboration with E6 has been instrumental in bringing our strategic vision to life and representing a significant leap forward in the payments modernization journey within KSA. We look forward to working with E6 to continue to modernize payments across the region”
As the exclusive provider, E6’s TRITIUM® platform will power Loop’s Fintech-as-a-Service offering, enabling the business to quickly configure and launch products for its customers, including Saudi entities. The modern payment platform and technology will simplify Loop’s paytech stack, helping to lower costs while offering a configurable foundation to build any payment product, quickly adapting to the fast-evolving Saudi market
Loop, licensed by the Saudi Central Bank (SAMA), is specialized in digital payments technology and services that provide a seamless and frictionless financial experience for individuals and businesses in KSA
“This partnership marks a huge step forward for the payments modernization journey in the KSA,” says John Mitchell, CEO and Co-Founder of Episode Six. “By combining E6’s innovative technology with Loop’s industry knowledge and pioneering spirit, our partnership aims to usher in a new era of payment systems, providing unparalleled value to businesses and consumers alike. We are excited to work with Loop to advance payments across the KSA”
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