Mastercard backs HyperPay in $40m funding round

Saudi Arabian FinTech HyperPay has received funding from Mastercard following a strategic partnership between the two companies.

As part of the deal, Mastercard will make a strategic investment in HyperPay to continue enhancing the delivery of its proven capabilities and identify new technologies that can be applied to practical use cases.

Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information, while enabling people and organisations to transact across any channel and to any end point.

Mastercard highlighted the collaboration will offer advanced new technologies so companies, governments and SMEs can move from cash-based payments to an improved, frictionless and seamless ecosystem utilising the innovative capabilities of both Mastercard and HyperPay.

HyperPay CEO and founder Muhannad Ebwini said, “Forging strong partnerships has been part of our mission since day one and we are delighted to announce this collaboration with Mastercard. We are committed to fast-track our expansion beyond payments, to deliver a complete suite of financial products. We have dealt with the challenges businesses face when it comes to accepting digital payments and are building products that meet the evolving needs of our platform customers across all verticals.

“Ecommerce will continue to grow, as relying more on digital platforms for shopping becomes the optimum way for consumers around the world to shop and simplified payment solutions will enable the delivery of frictionless consumer experiences.”

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