Xpence and Neoleap Join Forces to Empower Saudi SMEs and Corporates
Xpence and Neoleap have partnered to launch Xpence corporate Visa cards in Saudi Arabia
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Xpence, a leading financial management platform with integrated Visa card solutions, has teamed up with Neoleap, a global financial digital solutions company, to introduce Xpence corporate Visa cards in the Kingdom of Saudi Arabia. This launch represents a major step in supporting the SMEs and corporate sectors in the region, positioning Saudi Arabia as the third market for Xpence.
The launch event, hosted 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, marking the start of a new era for Saudi businesses.
Xpence offers services to both SMEs and corporates, focusing on corporate cards and expense management. As the first fintech in the region to provide a cutting-edge expense management platform integrated with smart Visa corporate cards, Xpence enables businesses to efficiently manage petty cash and everyday business expenses.
This partnership allows Neoleap and Xpence to leverage their advanced technologies, offering Saudi SMEs and corporate customers access to 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 from a single platform across borders. This collaboration aims to enhance financial management capabilities and streamline business operations throughout the Kingdom.
Xpence launched its first corporate Visa card in Bahrain in 2020 and is now operational 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 provides 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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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
