NearPay, the Saudi financial technology company specializing in payment infrastructure, has announced the closure of a Series A investment round totaling 13.8 million USD, led by Sanabil Investments, fully owned by the Public Investment Fund.
The round see participation from the CIF Fund, a part of the STC Group, along with Vision Ventures, Hala Ventures, and Arzan Venture Funds.
Founded in 2020 by Mohammed Al-Aiban and Hamza Al-Ghamdi, NearPay focuses on providing digital payment solutions through “SoftPOS” at point-of-sale.
The company has achieved significant growth, making payment acceptance easier and more secure across various devices, including smartphones, tablets, cash registers, and mobile devices.
According to the company, the investment round will accelerate its efforts to revolutionize how businesses interact with payment services, enhancing its position and supporting international expansion plans.
It will also assist in advancing its technologies and reinforcing its commitment to excellence in payment infrastructure.
Mohammed Al-Aiban, Co-founder and CEO of NearPay, commented on the investment, stating, “This investment validates the effectiveness of our vision to bring transformation to the payment sector and provides significant support for us to continue working towards our goals. We are excited about the future full of promising opportunities, and we will use this funding to develop mobile payment technology, making it easy and convenient for both businesses and customers.”
Sanabil Investments expressed its satisfaction in supporting NearPay‘s mission to facilitate point-of-sale transactions and digital payments locally and regionally.
The company has established itself as a preferred provider of digital payment solutions by offering practical solutions to key challenges faced by partners and users.
Sanabil looks forward to supporting NearPay in achieving even greater success during the next growth phase.NearPay’s touchless payment solutions through SoftPOS transform any device equipped with Near Field Communication (NFC) into a payment platform without the need for additional devices, making the payment acceptance process smoother for businesses and enterprises.”
Last year, the startup closed $3.6 million in pre-Series A funding round led by Vision Ventures.
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