NearPay, a Saudi fintech startup, announced the closure of its seed investment tour worth $2.1 million through angel investors.
The company started operating in 2020 and was founded by Mohammed Al-Aiban and Hamza AlFarhan and this is the second investment for NearPay in just five months after the company announced in January 2021 that it has received $600,000 in Pre-Seed funding. The company focuses on building new payment systems to enable payments companies, banks, and financial technology companies to operate the latest technologies in the global markets.
Through this investment, the company aims to launch its first softPOS product in 2021, a solution that helps traders collect payments from mobile customers directly through contactless payment. The product is becoming significantly popular in Saudi Arabia and accounts for 79% of the payment to points of sale according to the latest reports issued by the Saudi Payments Company. Additionally, NearPay will use this investment to attract more funds in the coming period.
Founder and CEO Mohammed Al-Aiban commented: “The Kingdom’s Vision2030, led by Crown Prince Mohammed bin Salman and its interest in the financial technologies aspect, as well as the support of the Central Bank of Saudi Arabia and Saudi Payments Company, has greatly helped the emergence of Saudi projects in the fintech sector and we are seeking over the next 5 years to gain a significant market share in this sector”.
financial technologies aspect, as well as the support of the Central Bank ofSaudi Arabia and Saudi Payments Company, has greatly helped theemergence of Saudi projects in the financial technology sector and we areseeking over the next 5 years to gain a significant market share in this secto
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