HyperPay, a FinTech offering payment services to merchants in the MENA region, has raised $36.7M (SAR 138M) in its recent investment round to accelerate growth plans.
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KSA-based and MENA servicing payments services provider HyperPay, has successfully raised $36.7M (SAR 138M) in a funding round led by Mastercard with investments from Amwal Capital Partners and AB Ventures. Founded by Muhannad Ebwini, HyperPay offers merchants a broad array of products and services in addition to payment processing, including risk and fraud management, monitoring system, instalments and invoicing systems among others.
As most recently recorded in our Fintech Q1 2022 Venture Investment Report, the FinTech sector was the hero industry of 2022 driving over 25% of total transactions and almost 30% of total funding in Q1’22 in Emerging Venture Markets. The 2 Mega Deals the EVMs saw in Q1’22 were both credited to the FinTech sector. In KSA, FinTech led the charts in terms of deal flow but E-commerce topped the funding charts with FinTech preserving its 2nd spot. The MENA region also saw an influx of capital towards Later-Stage Deals (Series A to Series B) with notable rounds closed by Egypt’s PayMob in Series B and Thndr and Lucky in Series A. The sector has continued the momentum it established in the first quarter and has managed to raise sizable investemnts in the last two months centered around empowering the under and unbanked by allowing access to seamless payment solutions including MENA's FinTech app zenda ($9.4M SEED) offering pay-now and pay-later options and UAE-based Fintech Pemo ($12M SEED).
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The transaction with Mastercard will help accelerate HyperPay’s expansion beyond payments to deliver a complete suite of financial products that meet the evolving needs of its customers across all verticals. The partnership will allow HyperPay to offer new services to help businesses, governments and SMEs move from cash-based payments to a frictionless and seamless ecosystem utilizing the innovative capabilities of both HyperPay and Mastercard. Muhannad Ebwini, Founder and CEO of HyperPay commented, “HyperPay is delighted to welcome Mastercard, Amwal, and AB Ventures as new investors and 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 KSA and the GCC as a whole and its attractive long-term perspectives.”
This new funding round will support HyperPay’s regional expansion efforts, broadening their market to Egypt, Qatar, and Oman. It will also enable HyperPay to grow its tech team and invest in product research and development, to introduce new payment technology solutions with speed. “The proceeds from the round will be directed towards creating innovative solutions that will redefine the future of cashless payments in the MENA region. They will help us accelerate our growth beyond payments and allow us to deliver a wide array of products. We have earned our reputation by being quick to respond to the dynamic needs of our partners.” Ebwini concluded.
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