Saudi Arabia: Jordan-based fintech Numa will collaborate with Visa to fuel its expansion plans into Saudi Arabia, signifying the Kingdom’s financial sector embracing international expertise. 

Visa will be incorporating an investment to fuel Numa’s transition into the Saudi and UAE markets. 

This alliance is set to broaden Numa’s service offerings to its clientele across various markets, enhancing the financial landscape for independent professionals in the region. 

Established in 2021 by Loay Malahmeh and Issam Najm, Numa aims to bridge the financial services gap for freelancers and solo entrepreneurs, providing specialized digital banking solutions like virtual International Bank Account Numbers and prepaid cards tailored for a progressive 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 partnership is poised to accelerate Numa’s expansion into Saudi Arabia and other markets, utilizing Visa’s extensive expertise in digital payments along with Numa’s 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,” the VP and Head of Digital Partnerships for Visa in the Central and Eastern Europe, Middle East, and Africa region, Hasan Kazmi said.

Saudi Arabia’s fintech sector has been attracting regional and global startups that are aligned with the nation’s strategy to become a financial services hub. 

In February, Egyptian fintech startup Khazna announced its plans to expand to the Saudi market in partnership with Khwarizmi Ventures. 

Founded in 2020, Khazna offers financial services for the underbanked, ranging from general-purpose credit to buy now, pay later options. The company aims to boost Saudi Arabia’s efforts to create a cashless society, aligning its goals with 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,” Omar Saleh, co-founder and CEO of Khazna, said at the time.