Saudi “EdfaPay” raises 1.6 million dollars in a financing round

A Hussain

The Saudi financial technology company EdfaPay has raised $1.6 million (6 million Saudi riyals) in its most recent funding round.

Pre-incorporation investment record with participation from Nuwa Capital, InspireUs VC, Wallan Investment Group and other strategic angel investors; The tour will be an essential engine to launch their service across the kingdom.

EdfaPay was founded in the year by the founders Gorm Allah Al-Ghamdi and Nidal Sabah, and is in the process of launching several financial solutions for the Saudi market targeting small and medium-sized businesses.

EdfaPay products and services will help these companies collect Easily pay customers through the use of smartphones without the need to use traditional POS or any other physical payment devices.

EdfaPay solutions will empower business owners From collecting payments from anywhere and from anywhere where legacy POS solutions cannot be deployed, businesses such as field agents, direct sales, convenience stores, freight forwarders, food delivery, temporary bazaars and many more will be able to expand their business faster without physical limits.

As recently recorded in the free Emerging Venture Markets report – Emerging Venture Markets, the FinTech sector was the most prominent industry in General 2021 where represents 85 % of all deals and 85 % of total published capital in emerging market markets.

In Africa, fintech startups closed all six major deals last year, including Egypt-based Wave Mobile Money, JUMO and Halan and Flutterwave.

The industry hasn’t been shy of stardom in Saudi Arabia either; As recorded in the Saudi Arabia Venture Capital Report 2015 sponsored by SVC, funding in the Fintech industry has grown by more than 473% year-over-year. , noting an increase of 286% on an annual basis in the number of transactions to record the largest number of deals for any industry in the Kingdom of Saudi Arabia during 1200.

Multiple fintech topics have sparked investor interest in Saudi Arabia over the past year including credit solutions, payment gateways, SME financing, and open banking with start-ups such as Rasan Information Technology, Lendo, Hala and Tamara which led to an increase in major investments in 2021.

(The state-of-the-art solution provided by EdfaPay is powered by NFC technology which is a rapidly growing trend in the worldwide market contributing to more than 85 % of POS transactions according to the Saudi Payments Company.

Chief Executive Officer Ghormallah Al-Ghamdi explained that “one of the main motives behind The adoption of this new technology is the fact that the Saudi market has a great opportunity to expand in the field of financial technology.

He added: Keep in mind that most of the available solutions Currently serving the Saudi market is not built by local expertise and relies heavily on white label external vendors.

Continued: We will provide this solution that has been Created locally with the support of a talented Saudi team and will be staffed with seasoned investors who will bring extensive financial technology expertise to the table in order to achieve the goals of EdfaPay soon.

To the company’s announcement, it was indicated that in the year 2021, there were more than one million point-of-sale devices in the Saudi market to process more than 5 billion transactions with more than 473 billion Saudi Riyals.

EdfaPay facilitates the lives of business owners in their goal of expanding their business, distributing their sales channels and facilitating completed financial transactions