Jordan-based fintech startup Numa is set to join forces with global payments giant Visa, aiming to scale their operations into the burgeoning Saudi Arabian market, a move signaling the Kingdom’s financial sector’s readiness to integrate global expertise.
With a strategic investment from Visa, Numa is gearing up to enter the Saudi and UAE markets, marking a significant step in its growth trajectory.
The collaboration with Visa promises to expand Numa’s portfolio of financial offerings for its customers, with a particular focus on enhancing services for self-employed professionals in the region.
Numa, founded in 2021 by entrepreneurs Loay Malahmeh and Issam Najm, addresses the financial needs of freelancers and independent entrepreneurs by offering tailored digital banking solutions, including virtual International Bank Account Numbers and prepaid cards, designed for the demands of a modern 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,” said Malahmeh.
The alliance is expected to expedite Numa’s venture into the Saudi market, leveraging Visa’s global expertise in digital payments and 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,” explained Hasan Kazmi, VP and Head of Digital Partnerships for Visa in the CEMEA region.
Fintech startups from around the globe are increasingly attracted to Saudi Arabia’s market, which is part of the country’s broader strategy to establish itself as a hub for financial services.
Egyptian fintech Khazna is another enterprise that announced its expansion into Saudi Arabia, with support from Khwarizmi Ventures, earlier this year.
Launched in 2020, Khazna offers a wide range of financial services to the underbanked, from credit solutions to buy now, pay later schemes. The company’s expansion supports Saudi Arabia’s move towards a cashless society and aligns with the nation’s 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,” stated Omar Saleh, co-founder and CEO of Khazna.