MENAP’s 1st financial management platform Xpense launches 3rd Visa card product in UAE

By Arya M Nair, Official Reporter
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Xpence, the Middle East, North Africa, Pakistan (MENAP) region’s first financial management platform with embedded business banking solutions for SMEs, has launched its expense management solution in the UAE in partnership with Visa, the second of five strategic markets it plans to launch in over the next 18 months.

The company announced the launch at the GITEX Global technology conference and is now issuing VISA cards in the UAE and Bahrain. Xpence was one of the first fintech in the region to join the Visa Fintech Fast track Program in early 2019.

Built specifically to serve the 23+ million MENAP businesses that struggle to access financial services, which exposes them to vulnerable, cash-based processes, Xpence’s UAE market entry will empower businesses with digital efficiency, security and control.

The financial management platform’s embedded banking solutions are tailored to local business needs, including physical and virtual employee expense cards, simplified digital invoicing, multi-currency wallets and the automation of payment processing.

Saad Ansari
Saad Ansari
Co-founder & CEO

“We are delighted to announce the launch of Xpence’s third Visa card product via our market entry into the UAE, where our platform will provide key financial services and support to SMEs as they launch and scale their businesses, but also to larger corporations in need of more sophisticated, digital financial services. Our UAE expansion reflects the rapid growth in demand across the wider MENAP region for our solutions, with over 2,000 businesses on our waiting list for our services. Xpence is changing how businesses manage their expenses with a platform that helps them save time and money so they can focus on doing what they do best ‐ growing their business.”

Mr. Alex McCrea, Vice President and Head of Digital Partnerships and Ventures in Central and Eastern Europe, Middle East and Africa at Visa, said that “As the global leader in digital payments, Visa strives to provide innovative solutions that address the evolving payment needs of SME businesses, entrepreneurs and freelancers everywhere. We are delighted to partner with Xpence in launching this exciting payment solution that can help businesses in the GCC region control spend, maximize visibility, and optimize cashflow more conveniently and securely.”

Related: UAE’s homegrown fintech platform Mamo gets regulatory approval from DIFC