RIYADH: Saudi Arabia’s leading payments solutions provider stc pay has posted losses amounting to SR440 million ($117 million) for 2021.
Its revenues stood at SR834 million during the year, Argaam reported.
The parent company Saudi Telecom Co.’s share of the total losses was around SR374 million.
stc pay was established back in 2017 by Arabian Internet and Communications Services Co., better known as solutions, and paved its way to becoming the Kingdom’s first fintech unicorn.
It was transferred to telecom giant stc two years later and Western Union acquired a 15-percent stake in the company for $200 million.