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Xpence launches services in UAE via partnership with Visa

Xpence launches services in UAE via partnership with Visa
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UAE – Mubasher: Xpence collaborated with Visa to launch its expense management solution in the UAE, which is the second of five strategic markets Xpence plans to expand in during the coming 18 months.

The platform is currently issuing Visa cards in the UAE and Bahrain, according to a recent press release.

Xpence is the first financial management platform with embedded business banking solutions for small and medium-sized enterprises (SMEs) in the Middle East, North Africa, and Pakistan (MENAP) region.

The financial services platform noted that the UAE registered over 70,000 new business licenses issued in 2021, yet “many still face difficulties in having bank accounts or digitalising their financial transactions.”

Xpence's entry into the UAE market is expected to empower businesses with digital efficiency, security, and control. The platform was developed to serve more than 23 million MENAP businesses that struggle to access financial services, in addition to providing banking solutions like physical and virtual employee expense cards, digital invoicing, multi-currency wallets, and payment processing.

Saad Ansari, Co-Founder and CEO of Xpence, noted: "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.”

Ansari added: "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.”

Alex McCrea, Vice President and Head of Digital Partnerships and Ventures in Central and Eastern Europe, Middle East, and Africa (EMEA) at Visa, said: “We are delighted to partner with Xpence in launching this exciting payment solution that can help businesses in the GCC region control spend, maximise visibility, and optimise cash flow more conveniently and securely.”