Jordan-based fintech Numa and Visa have teamed together, with Numa receiving a strategic investment to support Numa’s expansion goals into Saudi Arabia and the United Arab Emirates. Numa, which was established in 2021 by Loay Malahmeh and Issam Najm, fills the gap in financial services for independent contractors and sole proprietors by providing digital banking solutions including prepaid cards and virtual IBANs. Through this relationship with Visa, Numa will be able to reach a wider audience of potential and present clients in many markets.
Visa, a global leader in digital payments, and Numa, a trailblazing fintech firm committed to fostering the expansion of independent contractors and microbusinesses in the Middle East and North Africa (MENA), today launched a new relationship. A strategic investment known as the “Partner for Growth Agreement” is intended to further Numa’s objective of closing the financial services gap for independent contractors and sole proprietors in important markets such as Jordan, the Kingdom of Saudi Arabia (KSA), and the United Arab Emirates (UAE).
Numa has been at the forefront of financial innovation since its founding in Jordan. It provides digital banking solutions including virtual IBANs and prepaid cards made especially for the independent contractor sector. This collaboration with Visa represents a significant advancement as it enables Numa to broaden its product offering to clients in present and potential markets.
Visa’s investment in Numa demonstrates a mutual dedication to promoting financial inclusion and assisting the expanding freelance industry in the Middle East and North Africa (MENA), which is projected to reach $40 billion by 2030. “Our partnership with Visa is a critical step towards realising our vision of providing comprehensive financial services to freelancers, who have long been underserved by traditional banking systems,” said Loay Malahmeh, founder and chief executive officer.
By combining Numa’s cutting-edge platform with Visa’s extensive global experience in digital payments, the partnership is anticipated to expedite Numa’s aspirations for growth into Saudi Arabia and beyond.
“Visa’s global reach and expertise are a game changer for fintechs eyeing geographical expansion; our strong presence and expertise in the markets where we operate enable our partners to fast-track their expansion plans,” stated Hasan M. Kazmi, Vice President and Head of Digital Partnerships for Visa in the CEMEA region. In addition to promoting financial inclusion, our collaboration with Numa also helps the expanding freelance industry in the MENA area.
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