HyperPay, Saudi’s FinTech, raises $36.7m in a funding round

HyperPay, Saudi’s FinTech, raises $36.7m in a funding round

HyperPay, Saudi Arabia and MENA servicing payments services provider, raised $36.7m in a funding round led by Mastercard, Amwal Capital Partners and AB Ventures. 

HyperPay was founded by Muhannad Ebwini, it offers merchants a broad array of products and services in addition to payment processing, including risk and fraud management, monitoring system, installments and invoicing systems among others.

“HyperPay is delighted to welcome Mastercard, Amwal, and AB Ventures as new investors and we are confident of the value-add they bring to our company to achieve its long-term growth strategy. The proceeds from the round will be directed towards creating innovative solutions that will redefine the future of cashless payments in the MENA region. They will help us accelerate our growth beyond payments and allow us to deliver a wide array of products,” Muhannad Ebwini, Founder and CEO of HyperPay, said. 

The transaction with Mastercard will help accelerate HyperPay’s expansion beyond payments to deliver a complete suite of financial products that meet the evolving needs of its customers across all verticals.

The partnership will allow HyperPay to offer new services to help businesses, governments and SMEs move from cash-based payments to a frictionless and seamless ecosystem utilizing the innovative capabilities of both HyperPay and Mastercard.

This new funding round will support HyperPay’s regional expansion efforts, broadening their market to Egypt, Qatar, and Oman. It will also enable HyperPay to grow its tech team and invest in product research and development to introduce new payment technology solutions with speed.

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