# penny.

> penny. is a Saudi-based B2B SaaS company that digitizes the full source-to-pay procurement cycle on one cloud platform. It combines e-sourcing, RFQs, purchase orders, supplier management, spend analytics and AI-driven automation so enterprises can cut costs, tighten governance and speed up buying. The modular, customizable system is used by companies across 75+ countries and is layered with AI tools like the Bidly.ai sourcing assistant to make procurement faster and more transparent.

- **Founded:** 2020
- **Headquarters:** Dhahran, Saudi Arabia
- **Founders:** Iyad Aldalooj (Co-Founder & CEO), Majid Aldalooj (Co-Founder & COO), Mohamad Ibrahim (Co-Founder & CTO), Hemadri Seelamsetty (Chief Product Officer)
- **Team size:** ~71 employees
- **Products:** Source-to-Pay Platform, Sourcing, Purchase & Finance, Local Content & Spend Analytics, B2B E-Commerce Platform
- **Notable:** Named among the top 100 most innovative procurement solutions globally by ProcureTech/Kearney, Grew to serve customers across 75+ countries, Raised $6.35M total across seed and pre-Series A rounds

## Products & services

- **Source-to-Pay Platform** — Core unified platform covering purchase requests, e-sourcing/RFQs, POs and awards, a supplier portal, GRN/receiving, billing, payments, budget and expense management.
- **Sourcing** — E-sourcing module for purchase requisitions, RFQs/RFPs/RFIs, quotation comparison, POs and supplier engagement.
- **Purchase & Finance** — Goods received notes, invoice/billing management, payments, budget management and expense accounts for end-to-end procure-to-pay.
- **Local Content & Spend Analytics** — Dashboards, real-time spend insights, data consolidation and audit-readiness for governance and compliance.
- **B2B E-Commerce Platform** — White-labeled marketplace with built-in RFQ, client and vendor management, and commission/markup handling.
- **Bidly.ai** — AI-powered sourcing and procurement-as-a-service tool that automates supplier negotiation and sourcing decisions.

## Achievements

- Named among the top 100 most innovative procurement solutions globally by ProcureTech/Kearney
- Grew to serve customers across 75+ countries
- Raised $6.35M total across seed and pre-Series A rounds
- Targeting over $1 billion in gross transaction value processed
- Reports average 18.3% procurement cost savings and 4x faster request-to-PO cycles for customers

## Latest updates

- **2024-04** — Raised an undisclosed pre-Series A round led by Iliad Partners with GSI Capital Partners, Knollwood Investments and Wamda Capital to fund regional and global expansion.
- **2024-05** — Expanded the platform with AI-driven sourcing tools including the Bidly.ai assistant and white-labeled B2B marketplace capabilities.
- **2024-06** — Positioned to manage over $1 billion in gross transaction value across its customer base.

## Links

- Website: https://penny.co
- LinkedIn: http://www.linkedin.com/company/pennysoftware
- Twitter/X: https://twitter.com/wearepennyco
- YouTube: https://youtube.com/@penny.4228
- TikTok: https://tiktok.com/@pennysoftware

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Profile page: https://yespress.io/penny
Published by YesPress — https://yespress.io
Last updated: 2026-07-25