The award-winning payment service provider will use the investment to fuel their expansion plans to Egypt and the GCC.
Saudi Arabia’s HyperPay, a leading payment service provider in the region, announced today the closing of an eight-digit investment round, led by Mada Investment Company, with participation from Saudi Venture Capital Company (SVC), iNet, MEVP, and other regional investors, including successful exits for investors who participated in early-stage funding. This startup aims to use the funds in three major areas such as investing in infrastructure in Saudi Arabia, growing a suite of products, and accelerating expansion across Egypt and the GCC.
“We are delighted to partner with Muhannad and his team as they continue to offer businesses a global standard in digital payments,” says Abdullah Abdulaziz AlOthaim founder and CEO of Madaa Investment.
Established in 2014 by Muhannad Ebwini, HyperPay has been processing millions of transactions every year for hundreds of merchants selling goods and services online. The Saudi-headquartered company offers top-notch payment solutions to local and global businesses in the region, contributing to the Kingdom’s Vision 2030 by moving towards a cashless society and boosting digital transactions and e-commerce.
“We have been fortunate to have some of the Kingdom’s leading investors believe in HyperPay’s potential. We are looking forward to the upcoming year as it will hold new and exciting projects, and closing this round will support in actualizing our objectives for 2020," says Muhannad Ebwini, founder and CEO of HyperPay." In recent years, Egypt has been taking significant steps to reduce the economy’s reliance on cash. HyperPay’s expansion into the Egyptian market will play a role in fueling the e-commerce industry and strengthening society’s adoption of digital payments, by enabling more local businesses to offer consumers local and convenient ways to pay online," adds Ebwini.
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