Thursday, 25 July 2024

Xpence and Neoleap celebrate launch of Xpence corporate Visa cards to empower Saudi SMEs and corporates

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Xpence, the leading financial management platform with integrated Visa card solutions, has partnered with Neoleap, a Global Financial Digital Solutions Company, to launch Xpence corporate Visa cards in the Kingdom of Saudi Arabia. This launch marks a significant milestone in supporting the SMEs and corporate landscape in the region, making Saudi Arabia the third market for Xpence.

The launch event, held at Neoleap HQ in Riyadh, celebrated the first local transaction in Saudi Riyals using the new Xpence corporate Visa cards. The ceremony featured the Neoleap team and the Xpence founding team, highlighting the beginning of a new era for Saudi businesses.

Xpence provides services to both SMEs and corporates with a strong value proposition focused on corporate cards and expense management. As the first fintech in the region to offer a cutting-edge expense management platform embedded with smart Visa corporate cards, Xpence enables businesses to effectively manage petty cash and day-to-day business expenses.

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This partnership allows Neoleap and Xpence to leverage each other’s cutting-edge technology, providing Saudi SMEs and corporate customers with Xpence’s Spend Management Platform and its integrated Xpence Visa cards. Saudi companies operating in Bahrain and the UAE can open accounts in each country and manage their expenses seamlessly as a team from a single platform across borders. This collaboration aims to enhance financial management capabilities and streamline business operations across the Kingdom.

Xpence launched its first corporate Visa card in Bahrain in 2020 and is now live in the UAE. Since then, SMEs and corporates have conducted hundreds of thousands of transactions using Xpence Visa cards, entrusting Xpence with millions of dollars. As a strategic partner of Visa, Xpence is committed to delivering innovative financial solutions to empower businesses.

Mr Zain Ansari, Co-Founder & Chief Commercial Officer of Xpence, commented: “Our partnership with Neoleap is a testament to the hard work and dedication of both teams. We are grateful for the support of our Saudi investors, and we are excited to onboard the hundreds of Saudi companies that have already signed up. This launch aligns with our commitment to Vision 2030, as we strive to empower businesses with cutting-edge financial tools during this exciting boom period in Saudi Arabia.”

Mr Abdullah Al-Ibrahim, CEO of Neoleap, stated: “Partnering with Xpence aligns with our vision to support Saudi Arabia’s ambitious Vision 2030 goals. Together, we aim to provide seamless and efficient financial solutions that cater to the evolving needs of SMEs and corporates, driving economic growth and innovation in the region.”

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