Penny Software launches its B2B sourcing marketplace

Souq Penny” will contribute in spending efficiency and facilitating access to suppliers and products

Souq Penny” includes hundreds of major manufacturers and suppliers offering hundreds of thousands of wide-selection of products


Riyadh, 18th of April 2022: Penny. Software, the leading procurement and sourcing management platform for enterprises, announced the launch of its latest technology solution “Souq Penny” exclusively in the Kingdom of Saudi Arabia, in a move that will facilitate procurement processes and increase its efficiency significantly.


Souq Penny” is an ecommerce-like sourcing platform for procurement, which connects buyers directly with principal suppliers. Buyers can raise RFQs, negotiate offers, and buy directly from suppliers in KSA. 


The official launch came after a successful presentation of the solution during The Big 5 Saudi exhibition, which was held recently in Riyadh under the golden sponsorship of Penny, to contribute to bringing more than 300,000 products of building materials, office supplies and electronics to institutional buyers with absolute ease and provided by hundreds of major well-known manufacturers and suppliers in the kingdom.


Besides that, Penny had signed a partnership agreement with the General Authority for Small and Medium Enterprises “Monsha’at” to enable small and medium companies to expand their business by selling in “Souq Penny” with exclusive benefits.


Iyad Aldalooj, co-founder and CEO of Penny Software, said: “The launch of Souq Penny comes integrated with our vision of providing ideal solutions for companies to digitize purchases and transactions between companies and suppliers, which contributes to raising spending efficiency and reducing financial risks resulting from manual operations”, and he noted that hundreds of major suppliers and manufacturers have joined the platform to provide hundreds of thousands of Products in different segments “What constitutes an exemplary launch that enhances the success of the business model through our technical solution” Aldalooj added.

Penny Software was founded in 2020 with a mission to help businesses manage procurement and sourcing from request-to-payments, integrating all operations on a single platform. Penny has closed two investment rounds worth of 24 million Saudi Riyals, with the participation of local and international venture funds.



Request Demo for Digital Procurement

Speak with a pennian
(human that’s part of our team) and find out exactly how we can help you

Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

Need Some Help?


This site uses cookies to offer you a better browsing experience. Find out more on how we use cookies and how you can change your settings.