The Saudi Arabia-based fintech HyperPay announced it had acquired Sanad Cash, a platform for companies to automate their expense management processes.
The move aims to enable HyperPay to diversify its product offerings by integrating Sanad Cash’s solution into its platforms and services.
Sanad Cash offers its corporate clients a SaaS platform to help them track their spending and process on-demand payments for staff and others. The startup raised a $1.6 million round earlier last year.
Founded in 2010 by Muhannad Ebwini, HyperPay is a payment gateway that offers merchants a host of payment processing services, including risk and fraud management, monitoring systems, installments, and invoicing systems.
HyperPay has amassed over $50 million in funding since its launch.
This strategic move aims to bolster HyperPay’s service offerings and solidify its standing as a comprehensive all-in-one digital solution across the MENA region.
The acquisition represents a significant milestone in HyperPay’s mission to simplify and automate financial transactions for both individuals and corporations.
The payments services provider will closely collaborate with Sanad Cash to integrate their platforms and services in the coming months.
Muhannad Ebwini, Founder & CEO of HyperPay, said: “We are thrilled to welcome Sanad Cash into the HyperPay family. This acquisition perfectly aligns with our strategic vision of providing a complete range of digital payment solutions, covering issuing and acquiring services, to our customers. By joining forces, we aim to deliver a more comprehensive and streamlined solution to corporate clients in the region. Leveraging Sanad Cash’s expertise in expense management, we are confident that we can enhance our tools and services, simplifying financial operations for businesses of all sizes.”
By integrating Sanad Cash’s services into its fintech solutions suite, HyperPay will offer an even more comprehensive range of services. Moreover, these services will be available as a white-label solution, enabling other fintech companies to seamlessly incorporate Sanad Cash’s expense management and issuing services into their own offerings.
Mahmoud Iswiad, founder, and CEO of Sanad Cash said: “This strategic acquisition represents a tremendous opportunity for both Sanad Cash and HyperPay to combine our strengths, expertise, and resources. Our shared goal is to build a holistic and dynamic digital payment ecosystem that addresses the ever-changing demands of our users. Sanad Cash has earned acclaim and confidence for our cutting-edge and secure expense management solutions. “ We have continuously aimed to streamline financial procedures, enhance transparency, and optimize effectiveness for individuals and businesses alike. With the support and synergies offered by HyperPay, we are thrilled to propel our vision to new heights and transform it into a comprehensive digital payment hub,” Iswiad added.
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