Nearpay, the cutting-edge Saudi fintech startup specializing in payments infrastructure as a service, announced today the successful closure of a $14 million Series A funding round led by Sanabil Investments, a wholly owned company by the Public Investment Fund ("PIF"). This investment round, which includes stc's Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures and Arzan Ventures, marks a pivotal moment for Nearpay as it continues to redefine the landscape of payments.
Founded in 2020 by Mohamed Aleban and Hamza AlFarhan, Nearpay has swiftly emerged as a pioneer in the fintech sector, offering businesses a revolutionary payments infrastructure with a focus on POS and SoftPOS technology. Nearpay, a pioneer in Tap on Phone/SoftPos technology in the MENA region, has developed its infrastructure from ground up. This innovative solution simplifies accepting payments on any device including phones, tablets, kiosks and handheld devices easier than ever, offering a seamless and secure experience for both merchants and consumers.
The Series A funding round will empower Nearpay to accelerate its mission of transforming how businesses handle payments. The $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.
"Our vision for redefining payments has not only been validated but supercharged with this investment. The road ahead is thrilling, filled with opportunities as we use this momentum to effortlessly revolutionize mobile transactions, creating seamless experiences for businesses and consumers," said Mohamed Aleban, Co-Founder & CEO of Nearpay.
Sanabil Investments spokesperson commented, "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 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.
As Nearpay continues to disrupt the fintech space, the Series A funding round reinforces the company's position as a key player in shaping the future of payments.
For media inquiries or further information, please contact:
Abdulaziz AlShammari A.alshammari@nearpay.io
About Nearpay
Nearpay, founded in 2020 by Mohamed Aleban and Hamzah Alghamdi, is a Saudi-based fintech startup specializing in payment infrastructure as a service. The company's innovative Tap on Phone/SoftPOS technology simplifies touchless payments, offering businesses a secure and seamless solution for accepting transactions. For more information, please visit www.nearpay.io
About Sanabil
Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF), that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.
About CIF by stc
In 2023, the stc Institutional Investment Fund "CIF" was established to invest in startups across nine advanced technology domains, including cybersecurity, artificial intelligence, digital gaming, the Internet of Things, blockchain, and other promising fields. The fund focuses on identifying and investing in startups in their initial stages, particularly technical innovation and feasibility.
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