Paymentology, a London-based issuer processor, has formally registered its operations in Riyadh to strengthen its local presence in Saudi Arabia.

The move aims to support the Kingdom’s growing fintech sector by providing card issuing and payment processing infrastructure to banks and fintech companies.

The company, which has been active in Saudi Arabia since 2020, is recruiting senior staff, building a local team, and investing in infrastructure to deliver services with scalability and security.

With team members across 65 countries, Paymentology seeks to combine international expertise with local delivery.

Jeff Parker, Chief Executive Officer of Paymentology, said:

“Our approach to localisation is grounded in action, adapting our products, services, and support to the ways people and businesses truly operate here. By establishing our on-the-ground presence in Riyadh, we can be closer to our clients, invest in the right talent, and respond with the speed, precision, and cultural understanding that this market demands.”

Paymentology already works with clients in the Kingdom, including Tabby and D360.

According to the Saudi British Joint Business Council, the number of fintech companies in the country has risen from fewer than 20 in 2018 to more than 200 in 2024.

Data from the Saudi Central Bank (SAMA) shows that electronic payments accounted for 79% of retail transactions in 2024, up from 70% in 2023, marking progress towards the Financial Sector Development Programme’s objectives.

SAMA also reported 12.6 billion non-cash transactions in 2024, compared with 10.8 billion in 2023.

This growth reflects the wider adoption of digital commerce in Saudi Arabia, supported by modern infrastructure.

Featured image credit: Edited by Fintech News Middle East, based on image by EyeEm via Freepik