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Nearpay secures USD 14 mln in Series A funding

Monday 18 December 2023 12:19 CET | News

Saudi Arabia-based fintech Nearpay has bagged USD 14 million in Series A funding led by Sanabil Investments.

 

The funding 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.

Nearpay has bagged USD 14 million in Series A funding led by Sanabil Investments.

The Series A funding round will enable Nearpay to accelerate its mission of transforming how businesses handle payments. The USD 14 million funding round will be instrumental in supporting the company’s global expansion plans, advancing technological capabilities, and solidifying Nearpay’s commitment to driving excellence in payments infrastructure with a focus on card present payments.

Turning devices into secure payment terminals

Nearpay’s SoftPOS transforms every device with NFC (near field communication) into a secure payment terminal, eliminating the need for extra hardware. This not only streamlines payments but also slashes costs for businesses, presenting an irresistible solution across diverse industries.

Sanail’s representatives said they are happy 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. They look forward to supporting the company realize its full potential through its next phase of growth.

The lead up to the Series A

In 2022, NearPay has secured USD 3.6 million in a pre-Series A funding round led by Vision Ventures, with participation from Hala Ventures, Arzan VC, Palm Ventures, and notable angel investors. 

The funding was planned to enhance offerings and expand the team to meet the growing demand for ‘softPOS’ solutions in response to the rapid adoption of contactless payments in Saudi Arabia. The country's venture capital funding has tripled in the first half of 2022, reaching USD 584 million, exceeding the total for the entire 2021.

More information about Nearpay

Nearpay is a fintech startup based in Saudi Arabia, on a mission to make payments easy, secure, and accessible for every merchant. The company focuses on building innovative payment infrastructure solutions that cater to banks, payment providers, and SaaS startups. Showcasing expertise, Nearpay is shaping the future of payments one transaction at a time.


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Keywords: funding, investment, SoftPOS, expansion, payments infrastructure
Categories: Payments & Commerce
Companies: Nearpay, Sanabil Investments
Countries: Saudi Arabia
This article is part of category

Payments & Commerce

Nearpay

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Sanabil Investments

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