Xpence launches SME expense management solution in UAE

penny – First financial management platform in MENAP region to provide embedded commercial banking solutions for SMEs – Already launched expense management solution in UAE – Second of five strategic markets planned for launch in next 18 months.

Xpence announced this latest market entry at the GITEX global technology conference and is now in issue visa Credit cards in UAE and Bahrain. Xpence is partnering with Visa to launch its service in the UAE. Xpence was one of the first fintech companies in the region to join Visa’s Fintech Fast Track program in early 2019.

UAE business Ideal for benefiting from Xpence’s financial management platform. The UAE is a highly digital country with an internet penetration rate close to 100%, and is a leader in the digital transformation of various industries. The country recorded more than 70,000 new business licenses issued in 2021, but many still face challenges opening bank accounts or digitizing their financial processes.

Serving more than 230,000 MENAP businesses with difficult access to financial services – which exposes them to fragile, cash-based processes – Xpence’s UAE market access will provide businesses with digital efficiency, security and control. The financial management platform’s embedded banking solutions are tailored to local business needs and include physical and virtual employee expense cards, simplified digital invoicing, multi-currency wallets and payment processing automation.

Business owners in the UAE can open an Xpence account by downloading the Xpence app from the app store. With Xpence, businesses can issue virtual and physical Visa cards to employees, which are accepted worldwide. They can set individual spending controls and limits on each card. Real-time monitoring and automated bookkeeping eliminate the need for cumbersome expense reporting, increase efficiency and help businesses save money.

UAE expansion

Saad Ansari Xpence co-founder and CEO commented: “We are delighted to announce the launch of Xpence’s third Visa card product by entering the UAE market, our platform will provide SMEs with key financial services and support to help them start and expand their business, while also providing support for more sophisticated digital financial Serve.

“Our expansion in the UAE reflects the rapidly growing demand for our solutions across the wider MENAP region, with over 2,000 businesses on our service waitlist. Xpence is changing the way businesses manage their expenses and the platform helps them save time and money so they can focus on doing what they do best – growing the business.

“We look forward to continuing our partnership with Visa to realize our vision of becoming the region’s premier commercial banking super-app.”

Alex McRaeVisa Vice President and Head of Digital Partnerships and Ventures for Central and Eastern Europe, Middle East and Africa said: “As the world’s leading digital payments, Visa is committed to providing innovative solutions to meet the changing payment needs of SMEs, entrepreneurs and freelancers everywhere. We are delighted to partner with Xpence to launch this exciting payment solution that can help businesses in the GCC region more easily and securely control spending, maximize visibility and optimize cash flow.

“We look forward to supporting Xpence’s expansion and working with them to digitally transform more businesses in the region.”