Xpence, a financial management platform with embedded business banking solutions for SMEs, launches its expense management solution and services in the UAE in partnership with Visa. The UAE is the second of five strategic markets it plans to launch in over the next 18 months.

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

“We have an ambitious roll-out plan for the MENAPT region. The next two markets we plan to launch in are Egypt and Saudi Arabia, the most populous and the economic powerhouse of the Arab world, respectively. We expect full GCC coverage by early 2024,” Saad Ansari, Xpence co-founder, and CEO, told us.

Xpence was founded in 2017 to serve MENAP freelancers and MSMEs that struggle to access financial services. It works with regulators in key markets across the MENAP region. It is legally incorporated in Bahrain, Egypt, Pakistan, Saudi Arabia, and the UAE, and maintains BIN sponsorship arrangements with leading banks in each respective market. 

“The pains of starting a new business and the challenges of opening a business bank account were the driving forces behind starting Xpence. We want to make doing business easier for everyone by automating the mundane administrative tasks business owners spend valuable time doing. Our vision is to build a global business banking super app that will let aspiring business owners incorporate, launch and scale their ventures all from the Xpence app,” Ansari added in regard to their inspiration behind starting Xpence.