In a significant development for the financial technology sector in the Middle East and North Africa (MENA), Sorbet, an innovative payment platform, has unveiled 'Sorbet for Business'. This initiative is poised to transform cross-border transactions for businesses, offering a streamlined and cost-effective approach to international payments. Built on stablecoin technology, Sorbet for Business aims to simplify global financial interactions, catering specifically to the needs of emerging enterprises, marketing firms, and small to medium-sized businesses navigating the complexities of worldwide commerce. The platform's introduction marks a pivotal moment in the region's digital finance evolution, promising enhanced efficiency and accessibility in a rapidly globalizing market.
The genesis of Sorbet traces back nearly a decade, rooted in the shared vision of co-founders Maher Ayari and Rami Djebari. Their journey began during their university years, with Maher focusing on finance at McGill and Rami on computer science at Concordia. After accumulating extensive experience in venture capital, artificial intelligence, and financial technology, both individuals independently recognized the transformative potential of stablecoins in resolving real-world financial inefficiencies. This shared conviction led them to leave their respective careers in 2023, driven by a mutual understanding that stablecoins offered a viable solution to the prevalent issues within global payment systems.
Their observations highlighted a growing trend in regions like Latin America and Southeast Asia, where freelancers and small businesses increasingly adopted stablecoins such as USDT and USDC due to the limitations of conventional platforms like PayPal, which were often characterized by slow processing, high costs, and arbitrary user restrictions. However, the MENA region presented a unique opportunity, largely untapped by modern, reliable cross-border payment solutions utilizing these digital assets. This significant gap in the market fueled their ambition: to democratize stablecoin usage, making it accessible and straightforward for everyone, devoid of the typical complexities associated with cryptocurrencies, such as managing digital wallets, incurring gas fees, or understanding intricate crypto jargon. Their goal was to create a rapid, user-friendly, and economical method for transferring funds, particularly for those with the most pressing need.
Today, Sorbet proudly stands as a solution developed within Riyadh, specifically tailored for Saudi Arabia and the broader MENA landscape. Its journey gained momentum through Antler’s inaugural Riyadh cohort and secured support from notable entities like Outlier Ventures and early PayPal executive Chuck Stoops. Initially, Sorbet's operations commenced as a restricted beta program for freelancers, gradually expanding into a robust system that has successfully processed close to $1 million in transactions across Egypt, Morocco, Nigeria, and the UAE. This achievement was realized with minimal marketing efforts, yet it fostered a rapidly expanding user base. With the launch of Sorbet for Business, the team is now pursuing a more ambitious objective: equipping companies with the necessary tools to seamlessly operate on a global scale from their inception.
'Sorbet for Business' is conceptualized as a foundational financial infrastructure for contemporary, globally-oriented enterprises in the MENA region. Its core offerings are designed to deliver clear advantages: a unified dashboard for managing payments in USD, EUR, and USDC from international clients, eliminating the need for multiple accounts; expedited and simplified transactions with same-day payments and instant invoicing; cost-effective transfers featuring a mere 1% fee on incoming payments and zero fees for team payouts; versatile multi-currency disbursement options including SEPA, ACH, wire, or USDC; and inherent security through self-custodial accounts that grant users absolute control over their assets. Looking ahead, Sorbet plans to introduce support for over 30 global currencies, corporate cards for international expenditures, and yield-generating USDC balances offering up to 10% APY, further expanding its comprehensive suite of services.
Sorbet's ambition extends beyond merely digitizing existing financial practices; it seeks to fundamentally reimagine them. Drawing inspiration from innovative financial platforms such as Brex and Mercury, Sorbet is pioneering the establishment of the first 'on-chain bank' dedicated to Saudi Arabia's vast small and medium-sized business sector, which comprises over 1.3 million entities. This initiative aims to integrate the speed and transparency inherent in blockchain technology with a user experience as intuitive and seamless as any modern digital bank. Whether facilitating international funding for a Riyadh-based startup or enabling a Cairo agency to compensate its global contractors, Sorbet aspires to become the premier financial technology layer for the burgeoning digital economy across the MENA region. As Maher articulates, their vision is straightforward: if a business operates globally, its banking infrastructure should similarly be borderless and frictionless. With Sorbet for Business, this compelling vision is swiftly becoming a reality.