The startup wants to profit from the anticipated expansion of open banking in the Gulf Cooperation Council (GCC). The company notes that open banking is expected to handle over $124 billion in transactions in the GCC alone by 2031, up from $14 billion in 2020, citing statistics from Allied Market Research.

Thimsa, which was founded by Salah Khashoggi, Ash Karla, and Rayan Azab, is bringing a variety of payment options to the market with its new platform that includes cross-border, B2B, and C2B payment features.

According to the start-up, its solution allows for "greater cash flow, smoother UX, and pre-built checkout processes" by using account-to-account (A2A) transfers to enable rapid payment completion via a single dashboard interface.

In addition, Thimsa's payment management platform offers subscription and eInvoice capabilities, as well as instantaneous B2B payments and pay-ins.

The firm claims that by using 350 linked APIs to access common financial data via open banking, its platform enables companies to "streamline processes, create personalised financial services, and adapt to ever-evolving customer needs."

Furthermore, the fintech asserts that payments in more than 150 countries may be made using their service in more than 60 currencies.