Mastercard and Saudi payment services provider HyperPay have launched HyperSpend, a digital spend management platform designed to help small and medium-sized businesses (SMEs) manage corporate expenses with greater control and flexibility.
The platform combines HyperPay’s Cards-as-a-Service (CaaS) infrastructure with Mastercard’s global payment network, allowing SMEs in Saudi Arabia to issue and manage virtual and physical prepaid cards through a single digital platform.
A Digital Approach to Business Spending
HyperSpend enables businesses to issue multi-currency corporate cards instantly, fund them in real time and set individual spending limits. Companies can also create automated approval workflows and track transactions using analytics and reporting tools.
The platform is designed to give finance teams greater visibility over corporate spending while reducing the manual work involved in traditional expense management.
Businesses can access both virtual and physical Mastercard cards on demand and manage them through self-service dashboards and application programming interfaces (APIs).
Eligible cardholders may also receive special cashback incentives on purchases made using HyperSpend cards as part of a limited-period campaign, when available.
Faster Onboarding for SMEs
HyperSpend also introduces a fully digital onboarding process. Automated Know Your Customer (KYC) and Know Your Business (KYB) capabilities are designed to simplify account opening and verification.
This allows eligible businesses to activate their accounts and begin making transactions with fewer manual steps.
The platform brings card issuance, spending controls, approvals, reporting and reconciliation together in one system.
Supporting Saudi Arabia’s SME Ecosystem
HyperPay and Mastercard say the platform is designed to help SMEs reduce operational costs, strengthen expense governance and improve financial accuracy.
Businesses can use multi-level approval workflows to control spending, while real-time transaction visibility can help finance teams monitor expenses and simplify reimbursement and reconciliation processes.
Saud Swar, Country Manager for Saudi Arabia, Bahrain, Jordan and the Levant at Mastercard, said the collaboration aims to provide practical digital tools that can help businesses operate and grow in an increasingly digital economy.
Muhannad Ebwini, Founder and CEO of HyperPay, said HyperSpend brings card issuance, expense management, controls, reporting and reconciliation together on one platform to help Saudi businesses save time, improve financial accuracy and accelerate digital transformation.
Building on Vision 2030
Saudi Arabia has more than 1.8 million small businesses, according to the companies, making SMEs an important part of the Kingdom’s economic ecosystem.
Under Saudi Vision 2030, the Kingdom is targeting an increase in the SME sector’s contribution to GDP to 35% by the end of the decade.
The launch of HyperSpend also builds on Mastercard’s wider efforts to support SMEs through its Built Small, Moving Strong regional resilience platform, which aims to help small businesses navigate uncertainty, supply chain disruption and changing market conditions.
Through HyperSpend, Mastercard and HyperPay are looking to give Saudi SMEs more digital tools to manage expenses, improve financial oversight and support their growth as the Kingdom continues its broader economic and digital transformation.
