Saudi Arabia-based fintech start-up Sanad Cash has emerged as a unique expense management platform for businesses in the Middle East and North Africa (MENA) region, by providing its client businesses solutions where the latter can control their expenses in a quick and easy way, thereby saving money, effort and time in the long run.
The spend management platform, in July 2023, was acquired by HyperPay, another payments service provider in the MENA region.
In today’s episode of ‘Start-Up of the Week’, International Finance will talk about Sanad Cash’s expense management operations, which makes the venture a worthy asset in the fintech space.
A Unique E-expenses Management Platform
The venture was formed in 2021 by a group of top-tier technology entrepreneurs from the MENA region, with a vision of becoming the first-choice e-expenses management platform in the region by offering high-quality and premium services at a minimal cost for businesses of all sizes and shapes.
“We aim to build a top-notch digital platform, with international standards, while offering minimal cost for our customers to help them to save money, time and effort by taking their needs in diverse sectors into full consideration,” it remarked.
“Currently, many corporates are struggling with tracking, recording, and auditing their various expenses, Sanad Cash was created to simplify the purchases processes and reduce the effort in following up on financial expenses and auditing them in an automated and streamlined way,” the venture stated further.
Sanad Cash’s spend management platform, which serves SMEs (small and medium industries), corporates, and start-ups, helps its client businesses empower their employees with the Sanad Cash prepaid card, a product which can be funded with just one click. Also using Sanad’s expertise, these ventures can set up a spending limit to chart down their expenses at a competitive exchange rate for main currencies, apart from getting a real-time detailed overview for all of their transactions and last but not least, linking the transactions to the companies’ accounting systems.
Enabling Businesses To Issue Corporate Cards
Sanad Cash helps its client businesses to issue digital and physical cards, with product attributes like 100% spend visibility (a term referring to how well a company can understand and track how, where, and why capital is used in their business operations), faster expense reconciliation and account books closing and ability to setting card limits and rules for higher compliance.
Through Sanad’s assistance, client businesses can add their employees to the fintech venture’s cloud application platform, following which prepaid cards get made for these individuals. After that employees will get instant notifications for purchases being made through the Sanad Cash Card, and when expense reports are completed, they will be sent to the concerned manager for approval.
“The admin can track and analyze all transactions, get reports and view online receipts that are attached by the employee. Link Sanad Cash platform with the corporate accounting system and keep everything trackable,” the venture stated further.
Among the cloud platform’s main features, it has easy online registration, instant online receipt submission and purchase notifications, apart from giving the client companies the full authority to set card limits and instantly freeze, deactivate, or cancel the cards.
Also, the platform helps its clients to upload receipt images and get them analysed automatically, in a secure way.
Apart from adding notes and following up on receipt status, the client ventures can effortlessly link the uploaded receipts to their existing accounting systems, apart from selecting and changing their workflow and approval policies in a flexible manner.
Game-changing HyperPay & Sanad Cash Tie-up
Through Sanad Cash, HyperPay will attempt to simplify and automate financial transactions for individuals/corporations in the MENA region in the coming months.
These services will be available as a white-label solution, which will enable other FinTech companies to seamlessly incorporate Sanad Cash’s expense management, while issuing services into their offerings.
Muhannad Ebwini, Founder & CEO of HyperPay, told the media, “We are thrilled to welcome Sanad Cash into the HyperPay family. This acquisition perfectly aligns with our strategic vision of providing a complete range of digital payment solutions, covering issuing, and acquiring services, to our esteemed customers. By joining forces, we aim to deliver a more comprehensive and streamlined solution to regional corporate clients. Leveraging Sanad Cash’s expertise in expense management, we are confident that we can enhance our tools and services, simplifying financial operations for businesses of all sizes.”
Mahmoud Iswiad, founder and CEO of Sanad Cash, added further, “This strategic acquisition represents a tremendous opportunity for Sanad Cash and HyperPay to combine our strengths, expertise, and resources. Our shared goal is to build a holistic and dynamic digital payment ecosystem that addresses the ever-changing demands of our users. Sanad Cash has earned acclaim and confidence for our cutting-edge, secure expense management solutions. We have continuously aimed to streamline financial procedures, enhance transparency, and optimize effectiveness for individuals and businesses alike.”
Photo Credits: Sanad Cash