SiFi, a Saudi company specializing in digital financial solutions, has officially announced the SiFi acquisition of Neya Technologies. Neya is a Dubai-based platform focused on business expense management that operated privately prior to this deal.
Strategic Goals of the SiFi Acquisition
Ahmed AlHakbani, founder and CEO of SiFi, stated that the SiFi acquisition aims to simplify financial matters for customers. He added that after the deal closes, several key Neya leaders will join the company.
Officials moving to SiFi include Rami Panayoti, co-founder and CEO, and Mohammed AlMughrabi, co-founder and CTO. Both leaders bring extensive experience in financial and governmental solutions, as well as venture capital.
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Future Initiatives and Licensing
According to AlHakbani, these efforts support several important initiatives launched in the second half of last year. These include securing a license from the Saudi Central Bank (SAMA) and serving more than 500 Saudi companies across various sectors.
The deal enables the entity to become the first licensed financial technology company to manage government expenses through a partnership with the Saudi Ministry of Finance. This is supported by the launch of Apple Pay integration and local transfer capabilities.
This agreement also helps establish exclusive technological partnerships. These integrations offer over 2 million SAR in savings for customers utilizing global platforms such as Notion, Airtable, and AWS.
Engagement
