Nearpay, a Riyadh, Saudi Arabia-based fintech startup specializing in payments infrastructure as a service, has closed a $14 million Series A funding.
SaaS Investors
The round was led by Sanabil Investments, with participation from stc's Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures.
Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF), that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region.
Nearpay Use of Funds
The funding will be used to support global expansion, enhance technological capabilities, and strengthen Nearpay's commitment to payments infrastructure, particularly in the card-present payments space.
About Nearpay
Founded in 2020 by Mohamed Aleban and Hamza AlFarhan, Nearpay is a fintech company that provides payment infrastructure as a service that allows acquiring banks, payment service providers, and fintech startups to launch card present payments quickly, securely, and integrate their systems. Nearpay focuses on point-of-sale (POS) and SoftPOS technology, allowing businesses to accept payments on various devices, including phones, tablets, kiosks, and handheld devices.
Funding Details
Company: Nearpay Inc.
Raised: $14.0M
Round: Series A
Funding Month: December 2023
Lead Investors: Sanabil Investments
Additional Investors: stc's Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures
Company Website: https://www.nearpay.io/
Software Category: Payment Infrastructure As a Service
Source: Abdulaziz AlShammari