Numa: building a bank for freelancers

Numa: building a bank for freelancers

Any company familiar with freelancers in the Arab world will know how difficult it can be to pay them. Many remain unbanked and still opt for remittance services like Western Union. Those who do have bank accounts, will usually have a personal checking account with no option to separate their work-related transactions. 

Freelancers and micro businesses, those that employ two to three people, have been left without a viable solution when it comes to financial and banking services. They are effectively too small for company accounts and too big to rely solely on personal accounts. 

It is a gap that Jordan-based Numa is hoping to fill with its all in one platform for freelance workers in the Arab world. Founded earlier this year by Loay Malahmeh and CTO Issam Najm, Numa is a neobank that sits on an existing bank’s infrastructure. It offers a digital bank account with virtual IBAN and credit card, making it easier for freelancers to get paid and make transactions.

Over the past couple of years there has been a spate of freelance job sites in the region, some offering jobs in niche sectors, others taking a more general approach. Websites like Mostaql.com and elharefa