Xpence expands business expense card services to SMEs in UAE and Bahrain
Xpence, MENAP's (Middle East, North Africa and Pakistan) financial management platform with embedded business banking solutions for SMEs, has launched its expense management solution in the UAE and Bahrain. The second of five strategic markets it plans to launch in over the next 18 months, Xpence is now issuing cards in partnership with Visa.
A highly digitized nation with near 100 percent internet penetration, the UAE is a leader of digital transformation across various industries. The country recorded over 70,000 new business licenses issued in 2021, yet many still face challenges in opening bank accounts or digitalizing their financial processes.
Built specifically to serve the 23+ million MENAP businesses that struggle to access financial services, 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.
Through the Xpence app, businesses can issue virtual and physical Visa cards to employees, which are accepted globally. They can set individual spending controls and limits on each card. Real‐time monitoring and automated bookkeeping eliminate the need for tedious expense reports, promote efficiency and can help businesses save money.
Saad Ansari, Xpence co-founder and CEO, commented, “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.”
With availability in UAE and Bahrain, the other three markets slated for expansion include Saudi Arabia, Egypt, and Pakistan.