Talal AlAwadhi: Ottu breaks the mold with a revolutionary approach to online payments

AL MASAREF ONLINE - ISSUE (178) 2024

Talal AlAwadhi
CEO OF Ottu

Can you tell us about the company’s business and expansion?

Empowering Merchants, Transforming Online Payments: Ottu breaks the mold with a revolutionary approach to online payments. Instead of forcing businesses to adapt to rigid platforms, we give them the key to an innovative solution. Through direct bank connections and a vast network of payment gateways and technology partners, Ottu grants medium and large organizations unparalleled flexibility in choosing the optimal routing for their transactions. This translates to increased reach,lower costs, and a tailor-made commercial offering that fuels growth.

We began with a strong focus on the GCC,where we have achieved significant success. We have expanded our presence across the GCC,establishing offices in key locations such as Saudi Arabia, Bahrain, and the UAE, with our head office in Kuwait. This expansion is a testament to our strategy to become the leading payment solution provider in the GCC, leveraging the region’s growing digital economy.

How did you secure funding for the project, and what is the biggest challenge?

As we continued to grow, we attracted interest from investors who recognized the potential of our solutions in the rapidly evolving fintech space

Our journey began with seed funding from angel investors and the close network around me in my entrepreneurial journey, which provided the essential capital to develop our platform and scale Ottu’s operations. As we continued to grow, we attracted interest from investors who recognized the potential of our solutions in the rapidly evolving fintech space. Their support,both financial and strategic, has been crucial in accelerating our expansion and enhancing our technology, demonstrating their confidence in Ottu's potential.

One of our biggest challenges is navigating the regulatory landscape across different countries. Each market has its own set of financial regulations and compliance requirements, which can be complex and time-consuming. However, Ottu's team’s expertise and strong partnerships with local entities have effectively helped us overcome these challenges, reassuring investors of our ability to navigate complex environments.

How do we maintain customer satisfaction and create a sustainable relationship with them?

Building sustainable relationships with our merchants involves continuous engagement and innovation

Maintaining customer satisfaction is at the core of Ottu's business strategy. We achieve this by offering tailored solutions that meet our merchant's specific needs and exceptional customer support. Our platform is designed to be flexible and scalable, allowing businesses to grow without worrying about their payment infrastructure. This instills confidence in Ottu's service quality and underscores our dedication to our merchants.

Building sustainable relationships with our merchants involves continuous engagement and innovation. We listen to their feedback and constantly update our services to meet their evolving requirements. This proactive approach ensures that they feel valued and integral to Ottu's operations, viewing us as a service provider and a long-term partner in their success.

What is your vision for the business environment in Kuwait? What are the challenges, and could any enhancements be made?

Kuwait offers a dynamic and rapidly evolving business environment, particularly in the fintech sector

Kuwait offers a dynamic and rapidly evolving business environment, particularly in the fintech sector. With the government’s focus on digital transformation, there are ample opportunities for businesses like ours to thrive. We envision a future where digital payments become the norm,driving efficiency and convenience for consumers and businesses.

Kuwait has efficiently helped us become familiar with online payments using Debit cards (Knet ePayment Gateway) since early 2000. Kuwait has positioned itself as a lab for the GCC in innovation for online projects. We will continue developing and introducing the latest technology in the local market, and then we export what works well to the region.

What factors should an entrepreneur consider when choosing a successful business venture? Please mention any guidance that you would like to offer.

An entrepreneur should consider the market’s demand,scalability, and innovation potential

An entrepreneur should consider the market’s demand, scalability, and innovation potential. It’s crucial to thoroughly research the industry and understand the pain points that your product or service can solve. Building a solid network and seeking mentorship can also provide valuable insights and open doors to new opportunities.

Start the idea and have the concept actualized to be able to pivot and improve, perfection is an enemy of entrepreneurship and innovation. It takes a lot of iterations and improvement on the initial concept for you to achieve a workable and real version of the concept for it to succeed.

Link to Magazine:

AL MASAREF ONLINE - ISSUE (178) 2024