Xpence and Visa announce strategic partnership for growth following launch in Saudi Arabia – Fintech News Saudi Arabia

Following its successful launch in Saudi Arabia, Xpence has partnered with Visa in a strategic growth initiative aimed at accelerating its expansion across the GCC and beyond. This partnership will leverage deeper integrations and broaden capabilities, driving digital transformation in the region. Xpence continues to lead in providing innovative financial solutions for businesses.

June 25, 2024 – Riyadh, Saudi Arabia – Xpence, the GCC region’s pioneering expense management platform, proudly announces a strategic five-year Partnership for Growth agreement with Visa, a global leader in digital payments. This collaboration underscores Xpence’s role as a fintech innovator, having successfully launched Visa corporate cards in Bahrain in 2021, the UAE in 2022, and most recently in Saudi Arabia.

Since its initial engagement under the Visa Fintech Fast Track programme in 2019, Xpence has led the charge in financial technology innovation across the GCC. The new Partnership for Growth agreement aims to deepen and expand this collaboration, further fueling innovation and driving digital transformation in the GCC financial sector, with a particular focus on SMEs.

Building on the momentum from its successful launches in Bahrain, the UAE, and Saudi Arabia, Xpence, led by Co-founder and CEO Saad Ansari, is set to continue its expansion across the GCC. The strategic alliance with Visa is crucial as Xpence plans to extend its innovative services throughout the GCC market during the remainder of 2024 and 2025, continuing to lead the region’s digital transformation.

“This Partnership for Growth with Visa marks a significant evolution in our relationship,” said Saad Ansari, Co-founder and CEO of Xpence. “This new agreement enables us to leverage deeper integrations and broader capabilities, paving the way for our expansion across the GCC, particularly focusing on empowering SMEs and corporates with robust financial tools.”

Hasan Kazmi, VP and Head of Strategic Partnerships and Ventures – CEMEA at Visa, commented, “Our collaboration with Xpence, beginning with the Fintech Fast Track programme, set the stage for this dynamic partnership. Now, with the Partnership for Growth agreement, we are excited to support Xpence’s continued leadership and innovation in providing Visa corporate cards and payment solutions that cater specifically to the needs of businesses across the GCC.”

About Xpence

Xpence is the first financial management platform in the region designed specifically for businesses, offering a comprehensive suite of tools to streamline financial operations. With features including virtual and physical Visa corporate cards, real-time monitoring, and automated bookkeeping, Xpence empowers businesses, especially SMEs, to manage their finances with unprecedented ease and efficiency. For more information, visit www.xpence.com.

About Visa

Visa is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, businesses, strategic partners, and government entities across more than 200 countries and territories. With a mission to connect the world through the most innovative, reliable, and secure payment network, Visa enables individuals, businesses, and economies to thrive.

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