SiFi, a Saudi company which specializes in digital financial solutions, has announced its acquisition of Neya Technologies. Neya is a platform focused on business expense management based in Dubai, which had been operating privately prior to the acquisition deal.
Ahmed AlHakbani, founder and CEO of SiFi, stated that the acquisition aims to simplify financial matters for customers. He added that following the completion of the deal, several key leaders from Neya joined the company.
Some of officials moving to SiFi which are Rami Panayoti, co-founder and CEO, and Mohammed AlMughrabi, co-founder and CTO, who both bring extensive experience in financial and governmental solutions and services in Saudi Arabia, as well as venture capital.
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According to AlHakbani, the acquisition aims to implement a number of important initiatives since the launch in the second half of last year, including securing a license from the Saudi Central Bank (SAMA) and serving more than 500 Saudi companies across various sectors.
The deal also enables the new entity to become the first licensed financial technology company to manage government expenses through its partnership with the Ministry of Finance in Saudi Arabia, along with the launch of Apple Pay integration and local transfer capabilities.
This agreement will help establish exclusive technological partnerships that offer over 2 million SAR in savings for customers from global platforms such as Notion, Airtable, AWS, and others.
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