The UAE-based FinTech Encore Pay has raised $1.5M in SEED financing to empower Banks, FinTechs, and businesses across the region with seamless payment solutions and a full-stack SaaS offering for Financial servicing.
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Encore Pay offers PAYdirect, a modular platform to neo banks, fintechs, conventional banks, telecoms, and other payment services companies. Encore Pay is already serving customers in 4 continents and has enabled them to set up and grow their businesses with minimum time to market using its platform.
The FinTech sector in MENA recorded 30 more deals between 2020 and 2021 than the past 3 years combined. As recorded in our FinTech 2022 Venture Investment Report, the MENA-FinTech sector recorded an all-time high of 108 deals over the past year nearing the $500M mark in funds. Leading up to MENA-based Rain’s $110M Mega Round in 2022, global and local investors backed next-generation FinTech solutions from digital asset and cryptocurrency exchange platforms like CoinMENA and BitOasis, open and neo-banking with the likes of Tarabut Gateway and FinTech Galaxy, to CaaS (Cards-as-a-Service) solutions with Pluto and Alaan and P2P payment platforms including Ziina and Telda. Major building blocks have been set in the facilitation of online financing and payment infrastructures. Exploring the later-stage deals (> $5M) closed by MENA-based FinTech startups accounting for 20% of all FInTech transactions between 2020 and 2021 we can spot traces of the surge in E-commerce demand in the backing of online payment ventures. Starting with the Backend, ventures facilitating SME transacting and B2B payment have observed sizable investments, from UAE-based Telr.com introducing API to facilitate online payment gateways to Saudi-based Lamaa providing BNPL and supply chain financing solutions, collectively aggregating more than $20M in funds.
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Encore Pay solves the pressing needs of its customers who need a ready platform and a full-stack SaaS offering to offer and run their financial services, with quick go-to-market. Partnership with Encore Pay saves them huge costs and redundant efforts, which can be reduced by using the Encore Pay platform. As part of its collaboration with Encore Pay, GreenHouse Capital shall also be using the PAYdirect platform for its neo bank and fintech businesses in MEA and North America, which highlights the capabilities offered by Encore Pay. Imran Saeed, CEO, and Founder of Encore Pay, stated, “We are super excited to win the backing via an attractive balance of growth capital and partnership from a premier fintech VC who will bring expertise and new insights to support our growth. At Encore Pay, we want to empower our customers with a scalable and modular platform.”
With this round, Encore Pay plans to rapidly expand in its target markets in the MEA region, and also plans to enrich its platform, which supports neo banking, wallets, BNPL, digital onboarding, merchant payments, and kiosk management. Bunmi Akinyemiju, Partner at GreenHouse Capital concluded, “We have worked with startups and founders across Africa and now the Middle East for more than 10 years. We are quite impressed with the deep understanding and the platform offered by Encore Pay. Encore Pay is poised to grow and we are happy to be a part of it.”
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