subsidiaries

Against the backdrop of Saudi Arabia’s rapidly expanding fintech sector, supported by the National FinTech Strategy and Vision 2030, neoleap continued to strengthen its position in 2025 as a key enabler of the Kingdom’s digital payments ecosystem. As an alrajhi group subsidiary, neoleap plays a central role in delivering innovative, secure, and scalable payment solutions across both consumer (B2C) and business (B2B) segments, contributing directly to the group’s ‘harmonize the group’ strategy.

Operating within an intensely competitive and highly regulated market, neoleap focused on enhancing the stability, resilience, and agility of its technology platforms during the reporting period. This approach enabled the subsidiary to deliver sustained growth during 2025, while continuing to evolve into a comprehensive fintech ecosystem serving merchants, financial institutions, and end consumers.

Driving growth across B2C and B2B segments

In the B2C segment, urpay solidified its position as one of the Kingdom’s leading digital wallets during the reporting period by prioritising growth, strategic expansion and enhanced user experience. In 2025, the wallet expanded its user base supported by continued product innovation and service diversification spanning payments, remittances, cards, and marketplace services. New offerings and expanded remittance capabilities strengthened urpay’s value proposition and supported financial inclusion in KSA. Enhanced security features were also introduced to ensure a seamless and secure user experience. The reporting period saw neoleap refining the overall urpay user experience (UX) for onboarding, verification, cards, and transfers, thereby delivering top-tier digital experiences while maintaining SAMA compliance.

Neoleap further integrated urpay with its payment infrastructure, improving settlement speed, reliability and cost efficiency, while accelerating cross-sell across wallets, cards, remittance and marketplace services through bundled consumer offerings. Key highlights for the reporting period include remittance expansion through a strategic partnership with Western Union, the world’s largest money transfer operator (MTO). This addition complements urpay’s existing remittance services through MoneyGram and Transfast, significantly strengthening urpay’s reach within the Kingdom’s large expatriate population, and reinforcing its position in the fast-growing remittance market.

Urpay closed the year ranked second overall in card services, driven by cashback offerings and prices of up to X 100,000, a unique and well-received card value proposition in the Saudi market. With the Ministry of Human Resources and Social Development of KSA transitioning to the mandatory electronic transfer of domestic worker salaries through the ‘Musaned’ platform, urpay also expanded its Musaned household salary provisions through multiple new features and benefits, promoted through targeted campaigns and offers. These new additional features enhanced customer engagement, increased transaction, and further positioned urpay as an inclusive digital wallet.

On the B2B front, neoleap recorded strong momentum across merchant acquiring, payment gateway, and POS services. The subsidiary continued to expand its merchant ecosystem through alrajhi group synergies and partner solutions into a unified digital experience. The alrajhi bank loyalty programme mokafaa was introduced as a payment method, alongside Buy Now, Pay Later (BNPL), POS financing and credit card offerings in collaboration with alrajhi’s consumer finance arm Emkan, enabling merchants to offer flexible payment options to their customers. neotek’s accounting solution Qaema was embedded within the neoleap Merchant App, allowing merchants to seamlessly access accounting and financial management services. Al Rajhi Takaful was also incorporated to provide insurance solutions as part of a one-stop merchant proposition. Furthermore, neoleap successfully launched its e-commerce payment gateway, including Pay-by-Link services and payroll capabilities, further strengthening its end-to-end digital payments offering.

For Financial Institutions, neoleap pursued a clear mandate in 2025 to strengthen its product stack and competitive position, resisting pricing pressures by focusing on payment solutions and strengthening its value proposition to set the subsidiary apart in a highly contested market. The subsidiary expanded its POS footprint by collaborating with Banks and Fintechs for POS and Card related offerings. Additionally, for alrajhi bank terminals, neoleap enhanced its value-added services, including instalment-based payment solutions, loyalty points redemption enablement, and advanced POS devices, with the growing device portfolio expected to play a major role in neoleap’s expansion plans next year. A key achievement during the year was the certification of Network Service Provider (NSP) connectivity, reducing reliance on third-party providers while unlocking new recurring revenue streams and driving significant cost optimisation.

Collaboration with the group also enabled key institutional milestones; neoleap is leading the payment solutions requirement for the massive urban development giga-project Al Qiddiya, providing an integrated bundle of payment solutions, POS devices, wearable payment acceptance and card processing. These collective efforts reflect the subsidiary’s broader strategy to deepen group collaboration and deliver more unified, scalable solutions.

Key business highlights in 2025:

Investing in people and culture

The highly contested nature of the fintech job market prompted neoleap to implement strategic initiatives aimed at attracting and recruiting top talent within this sector during the reporting period. The subsidiary’s Talent Acquisition team focused on understanding the specific needs of its business and hiring managers, while enhancing recruiters' knowledge of the fintech landscape, including regulatory requirements and industry experience. neoleap expanded its recruitment channels, and demonstrated its commitment to offer competitive compensation packages. Employee engagement remained a cornerstone of neoleap’s corporate culture, and over the past year the subsidiary launched a structured employee recognition programme to strengthen morale and celebrate outstanding performances. Additionally, neoleap modernised its onboarding experience and introduced targeted engagement initiatives to boost employee participation and satisfaction.

The subsidiary’s commitment to employee well-being includes awareness initiatives such as Vaccination Day and Health Day. HR development efforts continued to be robust, with the implementation of the Numo platform to facilitate cross-subsidiary talent mobility, and initiatives like "Coffee with the CEO" and Townhall meetings to enhance leadership visibility, and encourage open dialogue. Bravo Cards were introduced to recognise exceptional performances, and regular manager-subordinate meetings were facilitated with the aim to improve collaboration at team level. neoleap also celebrated division-wide achievements, fostering a sense of community and recognition throughout the organisation. Through these efforts, neoleap continues to cultivate a capable and engaged workforce, reinforcing its commitment to excellence in the fintech industry.