Saudi Arabia-based payment service provider HyperPay announced that it has closed an eight-figure investment for its payment processing platform.
The investment round was led by Riyadh-based private equity firm Mad’a Investment Company along with Saudi Venture Capital Company (SVC), iNet, and Middle East Venture Partners (MEVP) and backed by other investors.
Mad’a Investment founder and CEO Abdullah Abdulaziz AlOthaim said: “After keeping a close eye on HyperPay’s activities in recent years, we were impressed by the company’s noticeable growth in Saudi Arabia and its aim to empower the regional e-commerce space by helping move towards a more integrated financial ecosystem which is in line with the Vision 2030.
“We are delighted to partner with Muhannad and his team as they continue to offer businesses a global standard in digital payments.”
The funding will be used in investing in infrastructure in Saudi Arabia, growing a suite of products, and accelerating expansion across Egypt and the GCC.
HyperPay founder and CEO Muhannad Ebwini said: “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.”
According to HyperPay, the round also included exits for investors who took part in early-stage funding.
HyperPay provides services across MENA region
Launched in 2014 as a payment service provider, the Saudi-headquartered company has been offering payment services to thousands of merchants in the MENA region, helping them sell various goods and services online every year.
HyperPay provides 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.
In October, HyperPay established a new partnership with UnionPay International to enable fast and secure cross-border online payments in the MENA region.
According to the company, the new partnership with UnionPay is part of plans to grow its offerings and expand the global payment network for merchants.
