Saudi fintech, NearPay, has announced that it has closed a $600K pre-seed investment led by Musaab Hakimi and a group of angel investors. Founded in early 2020 by Muhammad Al-Aiban, the startup offers payment acceptance solutions for micro-merchant transactions. 

By helping merchants accept payments directly through their smartphones using NFC technology, NearPay aims to give flexibility to merchants, doing away with the need for traditional POS devices. The services have proven particularly valuable for owners of small stores, businesses offering delivery and even for representatives of shipping companies.

Having already obtained the Visa Tap on Phone certification, NearPay is poised for a vital year. “The Saudi market has a great opportunity to enter and expand into the field of financial technologies,”  Al-Aiban said in the wake of the investment. “By doing so, this will help in achieving our goals in the coming year."