Newly Founded Saudi Fintech EdfaPay Raises $1.6M Pre-Seed Investment
Founded this year, the startup enters a red-hot Saudi fintech market with the goal to support SMEs.
Barely a few months into its existence, Saudi fintech, EdfaPay has hit the ground running, raising a pre-seed investment of $1.6 million. Acting as the core driver for the launch of their services, the investment was led by Saudi VC, Inspire Us, and UAE-based Nuwa Capital and Wallan Group.
Said services include a host of financial solutions targeting SMEs in the Saudi market which will allow beneficiaries to collect customer payments through smartphones and completely forgo traditional POS systems. The solutions will be of particular value to field agents, direct sellers, small-sized stores, shipment agents, food delivery businesses and even temporary bazaars and pop-ups.
Founded by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay enters into what is without doubt MENA’s most attractive sector, with funding in the Saudi fintechs growing by more than 1,200 % YoY - with a 286% YoY increase in number of transactions - which amounted to the highest number of deals for any industry in the Kingdom in 2021.
