The Jordanian fintech company Numa has embarked on an expansion journey into Saudi Arabia, with Visa providing both investment and strategic support. This move underscores the Kingdom’s financial sector’s openness to global expertise and innovation.
With the infusion of Visa’s investment, Numa is set to not only enter the Saudi and UAE markets but also to expand its range of services. This collaboration is anticipated to enrich the financial ecosystem for freelancers and independent professionals in these regions.
Numa, founded in 2021 by Loay Malahmeh and Issam Najm, is designed to fill the financial services void for freelancers and solo entrepreneurs. It offers tailored digital banking solutions, such as virtual International Bank Account Numbers and prepaid cards, catering to the needs of a dynamic economy.
Our partnership with Visa is a critical step toward realizing our vision of providing comprehensive financial services to freelancers, who have long been underserved by traditional banking systems,
Malahmeh remarked on the significance of the partnership.
The collaboration with Visa is expected to be a catalyst for Numa’s strategic expansion into new markets, combining Visa’s vast digital payment expertise with Numa’s innovative platform.
Visa’s global reach and expertise are a game changer to fintechs eyeing geographical expansion. Our strong presence and expertise in the markets where we operate enable our partners to fast-track their expansion plans. Our partnership with Numa not only fosters financial inclusion but also supports the growing freelance market in the MENA region,
Hasan Kazmi, VP and Head of Digital Partnerships for Visa in the CEMEA region, stated.
The fintech landscape in Saudi Arabia is becoming increasingly attractive to startups both regionally and globally, aligning with the nation’s ambition to establish itself as a premier financial services hub.
Earlier, the Egyptian fintech firm Khazna revealed its intentions to enter the Saudi market, in collaboration with Khwarizmi Ventures. Khazna, which was founded in 2020, provides a spectrum of financial services aimed at the underbanked population, including credit solutions and pay-later options, supporting Saudi Arabia’s push towards a cashless society and the objectives of Vision 2030.
Following our success in reaching a profitable scale in Egypt, we are now focused on Saudi Arabia, the region’s largest economy and most attractive market. Adding fintech strategy to the Financial Sector Development Program as part of Vision 2030 positions Saudi Arabia as one of the potential global fintech hubs,
declared Omar Saleh, co-founder and CEO of Khazna.