Saudi Fintech SiFi Acquires Dubai’s Neya

• The Saudi fintech company, SiFi acquires Neya Technologies to bring expertise and innovation in B2B expense management.
• SiFi also partnered with the Saudi Ministry of Finance and will be the first licensed firm to manage government expenses.
• Through global technology partnerships, this deal offers customers around SAR 2 million in savings.

SiFi has acquired Neya Technologies, a Dubai-based B2B expense management platform, and partnered with the Saudi Ministry of Finance. This significant move enhances financial technology services in Saudi Arabia.

A Strategic Move 

CEO Ahmed AlHakbani leads SiFi and aims to simplify businesses’ financial operations by acquiring Neya Technologies. Rami Panayoti and Mohammed AlMughrabi, co-founders of Neya, have joined SiFi as key leaders. 

Both Panayoti, who serves as Chief Business Officer, and AlMughrabi, the Chief Technology Officer, bring extensive expertise in financial solutions and venture capital. The team is committed to simplifying finance for organizations, and they are targeting further improvements ahead. 

SiFi Expands its Presence

Since SiFi’s mission began in 2023, it has obtained a major EMI license from the Saudi Central Bank (SAMA). The company has served approximately 500 leading Saudi businesses across various sectors. 

The recent acquisition aligns with its mission to achieve technological excellence and financial inclusion. Neya will contribute its expertise to SiFi’s plans to enhance operational efficiency for businesses. 

This deal is significant because SiFi will become the country’s licensed fintech firm authorized to manage government expenses through an exclusive partnership with the Saudi Ministry of Finance. 

SiFi’s customers will benefit immediately from this acquisition, which includes the launch of Apple Pay integration and local transfers. With increasing technological partnerships with global platforms, SiFi can provide businesses with over SAR 2 million in potential savings.