Nearpay, a Saudi FinTech startup specialising in payment infrastructure as a service, has achieved a milestone of raising $14m funding.
The company recently announced the successful closure of a $14 million Series A funding round. This crucial financial backing was led by Sanabil Investments, a subsidiary of the Public Investment Fund (“PIF”).
Notably, the round also saw contributions from stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures. This investment marks a significant leap forward for Nearpay, underscoring its influence in reshaping the payment landscape.
Founded in 2020 by Mohamed Aleban and Hamza AlFarhan, Nearpay quickly established itself as a trailblazer in the FinTech arena. It specialises in offering an innovative payments infrastructure, with a particular focus on POS and SoftPOS technology. Nearpay stands out as a pioneer in the MENA region for its Tap on Phone/SoftPos technology, having built its infrastructure from the ground up.
This technology revolutionises the ease of accepting payments on various devices, such as phones, tablets, kiosks, and handheld devices, ensuring a smooth and secure transaction process for both merchants and consumers.
The newly acquired $14 million will be instrumental in propelling Nearpay’s ambitious mission to transform how businesses manage payments. This funding is set to bolster the company’s global expansion efforts, enhance its technological prowess, and reinforce its commitment to excel in payment infrastructure, focusing primarily on card-present payments.
A spokesperson for Sanabil Investments expressed their enthusiasm about the investment, stating, “We are excited to back NearPay in its journey to enable seamless POS transactions and boost local and regional digital payment evolution. NearPay successfully emerged as a preferred provider for SoftPOS solutions, solving key pain points for its partners and business users. We look forward to supporting the company realize its full potential through its next phase of growth.”
Nearpay’s innovative SoftPOS technology is transforming every NFC (near field communication)-enabled device into a secure payment terminal. This breakthrough eliminates the need for additional hardware, streamlining payment processes and significantly reducing costs for businesses. This feature positions Nearpay as an attractive solution across various industries.
The Series A funding round not only injects capital into Nearpay but also solidifies its status as a significant contributor to the future of payments, continually disrupting the FinTech sector.
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