- Saudi FinTech start-up Nearpay has secured $14 million in a Series A funding round.
- The funding was led by Sanabil Investments, with contributions from stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures.
- Nearpay specializes in payment infrastructure as a service (PIaaS), and the investment will be used to support global expansion and technological capabilities.
Nearpay, a Saudi Arabian Fintech start-up that focusess on PIaaS, has successfully secured $14 million in a Series A funding round. This funding round was spearheaded by Sanabil Investments, which is a company owned wholly by the Public Investment Fund. Other major contributors to the round included the Corporate Investment Fund of stc, Hala Ventures, Vision Ventures, and Arzan Ventures.
This investment signifies a substantial advancement for Nearpay, highlighting its pivotal role in remolding the payments landscape. Nearpay has successfully positioned itself as a preferred provider for SoftPOS (point of sale) solutions, effectively addressing key pain points for its partners and business users.
The funds acquired in the Series A round will enable Nearpay to fast-track its mission of transforming how businesses engage with payments. Specifically, the $14 million will provide pivotal support towards the company’s plans for global expansion, technological capability enhancement, and reaffirm Nearpay’s commitment to excellence in payments infrastructure with a specific focus on card present payments.
Nearpay’s SoftPOS technology can convert any device equipped with NFC (near field communication) into a secure payment terminal, thereby eliminating the need for businesses to invest in additional hardware. This streamlining not only facilitates payments but also considerably reduces costs for businesses – making it an attractive solution across a diverse range of industries. It is anticipated that Nearpay’s growing influence will contribute to the development and evolution of local and regional digital payment solutions.
