The payments processer will look to expand geographically, with Egypt, Qatar and Oman on the company's radar.
KSA-based, MENA-serving fintech, HyperPay, has announced the raise of $36.7 million funding round led by Mastercard, with participation from Amwal Capital Ventures and AB Ventures, as the startup looks to accelerate growth plans.
Founded by Muhannad Ebwini in 2010, HyperPay is a payments service provider that offers retailers and merchants a range of fintech products and services, as well as risk and fraud management, monitoring systems and invoicing systems.
With this funding round, however, HyperPay will look to expand its products beyond payments, to offer a full suite of financial products. The investment will also allow HyperPay to offer new services to businesses, governments and SMEs, all in the name of shifting from cash-based payments to a frictionless and seamless ecosystem that will utilise this newfound partnership with Mastercard.
“HyperPay is delighted to welcome Mastercard, Amwal, and AB Ventures as new investors and we are confident of the value-add they bring to our company to achieve its long-term growth strategy,” said Ebwini. “This successful funding round is a testament of the investors' interest for the payments sector in KSA and the GCC as a whole and its attractive long-term perspectives.”
The deal represents the MENAP fintech sector’s emergence as the most prolific in 2022, with fintech deals accounting for 25% of all total transactions so far, and 30% in Q1’22. While e-commerce has raised the most funding in KSA so far, fintech leads in terms of deal flow. Among the highlight fintech investments across the regions were Egyptian startup PayMob’s $50 million Series B in March, and fellow Cairo-based outfit Lucky’s $25 million Series A round, also in March. At the other end of the spectrum, zenda raised $9.4 million and UAE’s Pemo raised $12 million, both in seed rounds.
HyperPay’s own cash injection will also be channelled into regional expansion, with Egypt, Qatar and Oman on the company’s radar. Growth also looms internally, with expansion of the tech team and increased R&D also on the cards.
Sign up for the daily Startup Digest.