Saudi Arabian FinTech start-up HyperPay raised 138 million Saudi riyals ($36.8m) in its latest funding round that will help the company boost its technology and expand into new markets.
HyperPay raises $36.8m to fuel growth. funding round was led by global payments processor MasterCard with investment from independent alternative investment manager Amwal Capital Partners and AB Ventures, the corporate venture capital arm of Amman-based Arab Bank.
This latest round will support HyperPay’s regional expansion efforts, broadening its market to Egypt, Qatar and Oman, the company said in a statement. It will also help the FinTech to grow its tech team, invest in product research and development and introduce new payment technology solutions.
Muhannad Ebwini, founder and chief executive of HyperPay, said of the new investors: “We are confident of the value-add they bring to our company to achieve its long-term growth strategy. This successful funding round is a testament of the investors‘ interest for the payments sector in Saudi Arabia and the GCC as a whole and its attractive long-term perspectives.”
Founded in 2014, HyperPay, which has its headquarters in Riyadh, has regional offices in various cities such as Dubai, Cairo and Amman. Currently, it serves more than 2,000 merchants across seven countries. Some of its services include payment processing, risk and fraud management and monitoring financial and invoicing systems.
Its partnership with MasterCard will help the company expand beyond payments to “deliver a complete suite of financial products that meet the evolving needs of its customers across all verticals”, it said.