Dubai, UAE – Xpence, the MENAP region’s first and only financial management platform with embedded business banking solutions for SMEs, has been awarded ‘Best Expense Management Platform in the United Arab Emirates 2022’ - by International Business Magazine.

The International Business Magazine’s Awards honour businesses and experts who lead innovation across various business areas, including in finance, real estate, banking, and insurance. This year’s awards were presented at a ceremony hosted in the iconic Atlantis the Palm resort in Dubai, attended by Xpence co-founder and CEO Saad Ansari, accompanied by Abdulaziz F Al-Moosa, and Abdulmajeed H Al-Jomaih both Xpence Board Members and angel investors from Saudi Arabia.

The awards look to showcase best-in-class companies that strive to provide supreme quality-backed services. The recognition of Xpence’s first-of-a-kind financial management platform specifically designed for SMEs in the awards is testimony to the superiority of its technology solutions, and its crucial contribution to the digital transformation of businesses in MENAP.

The mission Xpence has set out for itself is to digitally empower the more than 23 million MENAP businesses struggling to access financial services. Offering physical and virtual employee expense cards, simplified digital invoicing, multi-currency wallets, and automation of payment processing, Xpence provides small and medium-sized entrepreneurs the highest level of financial security and control - while also facilitating efficiency of day-to-day business activity.

Saad Ansari, Xpence co-founder and CEO, commented: 

"We are delighted that International Business Magazine has acknowledged Xpence as 'Best Expenses Management Platform in the UAE in 2022'. We are honoured to be recognised as a leader in the digital transformation of businesses in the UAE. With the number of small and medium enterprises rapidly increasing, we are proud to already be making a significant impact for UAE businesses.

Efficient financial management is crucial to the success of any business - one which has taught many entrepreneurs and small business owners a hard lesson. We founded Xpence with this insight at heart and to ultimately save entrepreneurs time and money so they can focus on doing what they do best ‐ growing their business.”

UAE businesses are ideally placed to benefit from Xpence's financial management platform. A highly digitized nation with near 100% internet penetration, the UAE is a leader of digital transformation across various industries. The country recorded over 70,000 new business licenses issued in 2021, yet many still face challenges in opening bank accounts or digitalizing their financial processes.

In early 2019, Xpence was one of the pioneering startups accepted into Visa’s ‘Fintech Fast Track Programme’. Today, the company is legally incorporated in five of the MENAP region’s most exciting economies. Already operating in the UAE and Bahrain, Xpence is planning to expand further with the mission to become the region’s definitive business banking super app.

The platform is available now as a free download from the Apple App Store and Google Play Store. For more information or to download the app, visit www.xpence.com.