STC Pay said to become Saudi Arabia’s first unicorn after close of new round

Saudi Arabia-based STC Pay, digital payment solution developer, has reportedly reached a $1.3bn valuation after the close of a $200m investment.

Western Union invested the $200m in exchange for a 15% stake in the payments company, according to a report from CNBC. The close of the round makes STC Pay the first unicorn in Saudi Arabia and the first FinTech unicorn in the Middle East, it said.

With this capital injection, STC plans to expand its financial offerings across the Gulf region.

The company offers a range of digital payment services including international remittance, money transfer via mobile number, cash withdrawal, transfer to local banks and online spending.

STC claims to have more than four million active users and it is looking to launch in the United Arab Emirates, Kuwait and Bahrain.

The FinTech is currently in the process of getting a digital banking license, which would enable it to release a host of other solutions.

Earlier in the year, fellow Saudi Arabian FinTech platform Lean reportedly raised $4.5m in a seed funding round, which was led by RAED Venture. Founded in2019, Lean helps businesses to create and launch their own financial products.

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