The startup has expanded to Saudi Arabia, where it will be headquartered henceforth, after raising a $1.2 million seed funding.
SideUp’s partner service providers enable merchants to sell in 45 countries and has opened new markets that had previously been inaccessible by small enterprises.
SideUp currently serves 2,000 e-commerce businesses, which can also access cash collection service and credit to expand their businesses. Its portfolio has grown 30% month-on-month, achieving over $500,000 Gross Merchandise Volume per month.
The startup now plans to grow its clientele base by scaling in Egypt and Saudi Arabia and expanding to at least two other countries before the end of 2023, to tap the burgeoning e-commerce sector in different regions.
The Middle East and Africa e-commerce markets are set to grow above 11.5% in the next five years, sustained by internet and smartphone penetration, urbanization and mobile shopping, and as more businesses embrace e-commerce.