Riyadh - Exclusive Sharikat Mubasher: Penny Software, a software-as-a-service (SaaS) procurement management company based in Saudi Arabia, concluded several deals and negotiated with potential partners during 24 Fintech to solidify its business in the market.

Speaking to Sharikat Mubasher, Co-Founder and CTO Mohammad Alibrahim revealed that the company aims to provide B2B digital payment solutions and facilitate the entire procurement process through these deals.

Penny is a B2B marketplace that provides a procure-to-pay solution, helping companies of all sizes manage their procurement and spending activities and digitize the entire procurement cycle from purchase requisitions, approvals, RFQs, RFP, RFIs, quotations, proposals gathering comparison and analysis, POs, GRN, and payments.

Regarding Penny’s expansion strategies, Alibrahim stated that the company targets creating a more dynamic community of suppliers that caters to the evolving needs of companies.

The CTO further noted that participating in 24 Fintech represents a strategic milestone for Penny Software as it repositions the company as a leader in the fintech industry.

He affirmed the company’s commitment to facilitating the procurement process between buyers and suppliers while easing the entire payment transaction.

With its enterprise software revolutionizing procurement, Penny Software’s platform digitizes and streamlines the entire source-to-pay process, enhancing spending efficiency, governance, and compliance.

24 Fintech is a premier fintech event that took place in Riyadh from 3 to 5 September with the participation of over 300 exhibitors and more than 350 investors.

It gathered regulatory bodies, policymakers, investors, technology experts, and industry leaders from around the world to discuss several topics, including, fintech regulation and governance, artificial intelligence and machine learning in financial operations, financial inclusion, cybersecurity and big data, embedded finance, and more.