- SiFi acquires Neya Technologies to enhance B2B expense management and simplify business financial operations.
- The fintech firm secures an exclusive partnership with the Saudi Ministry of Finance to manage government expenses.
- SiFi’s customers benefit from cost savings of up to SAR 2 million through advanced technological partnerships.
Riyadh, Saudi Arabia – Saudi fintech company SiFi has officially acquired Neya Technologies, a Dubai-based B2B expense management platform. This strategic move is expected to enhance SiFi’s financial solutions for businesses while positioning it as a key player in the region’s fintech sector.
The acquisition aligns with SiFi’s broader vision of simplifying enterprises’ financial operations. In addition, SiFi has announced a partnership with the Saudi Ministry of Finance, becoming the first licensed firm authorized to manage government expenses.
A Major Step for SiFi in the Fintech Space
SiFi, launched in 2023, has quickly gained momentum in Saudi Arabia’s fintech industry. Under the leadership of CEO Ahmed AlHakbani, the company has secured an Electronic Money Institution (EMI) license from the Saudi Central Bank (SAMA) and currently serves over 500 leading Saudi businesses.
By acquiring Neya Technologies, SiFi aims to enhance its financial technology offerings, focusing on streamlining B2B expense management. With this acquisition, SiFi integrates Neya’s expertise to create more efficient financial tools for businesses.
Leadership Strengthened with Neya’s Co-Founders
The acquisition also brings Neya’s co-founders, Rami Panayoti and Mohammed AlMughrabi, into SiFi’s leadership team. Panayoti now serves as Chief Business Officer, while AlMughrabi takes on the role of Chief Technology Officer.
Both executives bring extensive experience in financial solutions and venture capital, strengthening SiFi’s ability to innovate and expand. Their leadership is expected to drive further improvements in expense management technology and financial inclusion for businesses.
Exclusive Partnership with Saudi Ministry of Finance
In addition to acquiring Neya, SiFi has secured a groundbreaking partnership with the Saudi Ministry of Finance. This makes SiFi the first fintech company licensed to manage government expenses in the Kingdom.
The collaboration is expected to provide businesses with more efficient financial management tools, reducing administrative burdens and boosting operational efficiency. SiFi also plans to roll out new features such as Apple Pay integration and local bank transfers, ensuring seamless payment processes for enterprises.
Cost Savings and Technological Advancements
Through global technology partnerships, SiFi is introducing cost-effective financial solutions that could save businesses approximately SAR 2 million. These innovations will offer businesses faster transactions, reduced fees, and enhanced security features.
SiFi’s expansion and acquisition of Neya highlight the company’s commitment to advancing financial technology in the MENA region. With continued investments in digital finance solutions, SiFi is well-positioned to redefine expense management and financial services for businesses across Saudi Arabia and beyond.
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Last Updated on February 6, 2025 by Safiya K
