https://arab.news/8h2jx
A new corporate Visa card launch in Saudi Arabia marks a key milestone in supporting the SMEs and corporate landscape in the region.
The partnership between Xpence, a B2B payments platform with integrated Visa payment cards, and Neoleap, a global financial digital solutions company, makes the Kingdom the third market for Xpence.
The launch event, held at Neoleap headquarters in Riyadh, celebrated the first local transaction in Saudi Riyals using the new Xpence corporate Visa cards, signalling the start of a new era for Saudi businesses.
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.
Saudi companies operating in Bahrain and the UAE can now open accounts in each country and manage their expenses seamlessly as a team from a single platform across borders. This collaboration will enhance financial management capabilities and streamline business operations across the Kingdom.
Xpence launched its first corporate Visa card in Bahrain in 2020 and later 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.
Zain Ansari, cofounder and chief commercial officer of Xpence, said: “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.”
CEO of Neoleap Abdullah Al-Ibrahim said: “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.”
Xpence is the region's first spend management platform through which businesses can issue virtual and physical Visa cards accepted globally and set individual spend controls and limits for each one.
Neoleap, licensed by the Saudi Central Bank, offers a range of payment services including digital wallets, point of sale, e-commerce, and payment gateways.