Saudi fintech company SiFi has announced its acquisition of UAE-based Neya Technologies, a company specializing in expense management for businesses, in an undisclosed deal.
As part of the acquisition, Rami Banayouti and Mohamed Maghrabi, the former co-founders of Neya, will join SiFi’s team as co-founders.
This acquisition comes after several achievements for SiFi, including obtaining the EMI license from the Saudi Central Bank, serving over 500 Saudi companies, and partnering with the Ministry of Finance to manage government expenses.
Neya, founded in Dubai in 2023, raised $10 million in seed funding.
