How Geidea transformed its core accounting system with SDK.finance

Geidea, the leading payment solution provider in Saudi Arabia, has successfully modernised its core transaction accounting system using SDK.finance ledger software. The upgrade supports the Kingdom’s Vision 2030 goals for a cashless economy and empowers Geidea’s growing network of merchants with a more transparent, scalable and efficient back-office infrastructure.

Project Overview

Image source: Geidea’s Facebook official page

Geidea’s choice to overhaul its transaction accounting system wasn’t just about tech. It was part of a bigger-picture goal: making payment and commerce solutions easier, more affordable, and accessible to everyone. Since launching back in 2008, the company’s been on a mission to empower all kinds of businesses, from tiny market stalls to large-scale enterprises. And along the way, they’ve kept one thing front and center: simplifying financial tech through smart innovation.

As Saudi Arabia’s top payment solution provider, Geidea is playing a key role in the country’s push to go cashless under Vision 2030. They’re right where finance meets tech, offering everything from POS devices to online payment tools and business management software, all bundled into a single, unified platform.

But staying on top means evolving. Their old transaction accounting system just wasn’t cutting it anymore. It made things tricky when it came to flexibility and transparency, especially in areas like reconciliation and settlement. So, this wasn’t just another software update. It was a strategic move to support their fast-paced growth in Saudi Arabia and in other MENA markets like Egypt and the UAE.

To pull it off, they brought in the SDK.finance ledger layer. That gave them the real-time visibility and control they needed to handle millions of transactions every day, build stronger ties with acquiring banks, and give merchants deeper insights into how their money flows. The upgrade not only improved day-to-day operations but also set the stage for broader growth and expansion across borders.

The story of Geidea

Image source: Geidea’s official website

Founded in Riyadh in 2008, Geidea is Saudi Arabia’s largest fintech company. The company started with a vision to empower businesses through accessible and innovative payment solutions. Over the years, it has grown into a technology provider serving a broad range of sectors, including retail, hospitality, e-commerce, and financial services.

Today, Geidea processes more than 5 million transactions daily, operates over 700,000 payment terminals, and supports 150,000+ merchants across Saudi Arabia and beyond. Its customers range from local SMEs to international brands, reflecting a strong presence across physical and digital commerce.

With a 75% market share in Saudi Arabia’s payment acceptance space, Geidea has become a benchmark for fintech excellence in the region. It has helped redefine digital payments in the SME space with solutions like Phone POS, a smartphone-based payment acceptance tool.

Geidea’s commitment to building a cashless society goes beyond technology. It aligns with national objectives by fostering financial inclusion and enabling underserved communities to participate in the digital economy. The company has been recognised for its efforts to remove barriers to financial access, including by offering simplified onboarding processes for merchants.

Its strategic partnerships with global brands such as Mastercard, Visa, and SABB Bank have supported its expansion efforts across MENA. In 2021, Geidea became the first non-bank to be granted a Payment Facilitator licence by the Central Bank of Egypt. It later launched operations in the UAE through a collaboration with Magnati FinTech, offering tailored payment services across sectors like banking, hospitality, healthcare, and retail.

Geidea’s trajectory exemplifies how a homegrown fintech can become a regional force by combining deep market knowledge, agile product development, and strategic collaboration. Its success story is a reflection of Saudi Arabia’s broader digital transformation and the growing strength of its fintech sector.

The challenge

Geidea’s leadership team recognised that its legacy transaction accounting system could no longer keep pace with its business needs.

The limitations were clear:

• Lack of transparency in customer account statements and settlement timelines
• Dependence on a single acquiring bank, restricting growth and flexibility
• Manual reconciliation processes that slowed down operations
• Inability to scale with an increasing transaction volume and product range

After a thorough search and careful evaluation of technology providers, Geidea chose a trusted FinTech software development partner with deep experience in the MENA payments market – SDK.finance.

CTO challenges and SDK.finance solutions

Build a role-based ledger and accounting model

SDK.finance’s platform was adapted to collect transaction data from POS systems, link it to merchant accounts, and track transaction statuses across banks until settlement.

Introduce a merchant and staff back office

Using SDK.finance’s built-in functionality, Geidea implemented dedicated back-office interfaces for internal teams and merchants. This enabled transparent transaction history access and simplified operations.

Implement role-based access control

A flexible actor model ensured users at every level – merchant, admin, accountant – had tailored access to system features and data.

Enable multi-bank integration

SDK.finance introduced merchant subwallets, allowing Geidea to move away from a single-bank model. This opened opportunities for broader bank partnerships and improved reconciliation accuracy.

Add online payments via MPGS

To serve e-commerce merchants, the platform was integrated with Mastercard Payment Gateway Services, enabling seamless online payment tracking and settlement.

Enable real-time fees and commissions configuration

Previously, any fee adjustment required source code changes. With SDK.finance, Geidea could modify commissions dynamically using the Platform’s configuration module.

Adopt a scalable architecture

The solution was built without reusing legacy components or migrating old data. A modern architecture supported a new SDLC/PDLC framework and introduced infrastructure monitoring tools for higher security.

CFO challenges and improvements

• Data visibility: Full transaction audit trails enabled comparison with bank data.
• Commission clarity: The system structured fee reporting and enabled clear profit calculations.
• Operational control: Configurable access rights improved accountability and compliance.
• Automated reporting: Reduced manual efforts, ensuring accuracy and faster insights.

Why SDK.finance?

• Extensive functionality: From core ledgering to advanced reporting, all requirements were met.
• 12+ years of experience: SDK.finance has been building FinTech solutions since 2013, bringing deep expertise in digital payment infrastructures.
• Proven presence in the MENA region: Trusted by clients across the Middle East and North Africa, SDK.finance understands local regulatory and technical requirements.
• Source code licence: Full control with no vendor lock-in.
• API-first design: Simplified integrations and accelerated rollout.
• Scalability: Capable of supporting millions of transactions per day and rapid product deployment. From core ledgering to advanced reporting, all requirements were met.
• Source code licence: Full control with no vendor lock-in.
• API-first design: Simplified integrations and accelerated rollout.
• Scalability: Capable of supporting millions of transactions per day and rapid product deployment.

Implementation roadmap

• POS transaction integration with SDK.finance
• Reconciliation automation
• Merchant back-office rollout
• Fees and commission engine deployment
• IBAN payout automation
• MPGS integration for e-commerce support

Business outcomes

• Efficient accounting: Real-time tracking of payment lifecycle, profit, and reconciliation
• Merchant transparency: Balance breakdown and settlement timelines are available via the back office
• Bank flexibility: Enabled partnerships beyond a single acquiring bank
• Transaction throughput: Handling over 5 million daily transactions with ease
• E-commerce growth: MPGS integration opened new revenue streams
• Infrastructure strength: Built-in scalability and modernisation ensured future readiness

The future

SDK.finance helped Geidea establish a robust accounting architecture that now integrates seamlessly with its POS, merchant management, and gateway systems. This transformation positions Geidea for continued expansion across MENA and beyond.

With a market share of 75% in KSA and a growing presence in Egypt and the UAE, Geidea’s platform, powered by SDK.finance, is ready for the next phase of its journey.

Ready to modernise your transaction infrastructure?

If your business is facing similar challenges or scaling ambitions, SDK.finance can help. Whether you’re modernising an outdated system, expanding to new markets, or building a product ecosystem, our ledger layer software and payment platform provide the solid foundation you need.

Contact SDK.finance’s expert team to schedule a demo or learn how we can support your transformation.