NearPay raises $600K Pre-Seed funding round

Saudi Arabia: NearPay, a Saudi Arabia-based Fintech solution startup has announced the closure of its $600K (2.2M Saudi riyal) Pre-Seed funding round, led by investor Musaab Hakami and a group of angel investors.

Established in early 2020, NearPay provides payment acceptance solutions targeting micro-merchant transactions and providing flexibility to mobile merchants. Helping merchants obtain customer payments directly from their mobile removes the need for traditional POS devices or additional devices. This solution helps to provide alternative POS systems in markets where they are difficult to obtain, for example, owners of small stores, representatives of shipping companies, food delivery, and others.

NearPay’s solution accepts payments from customers via NFC technology, which is witnessing significant growth in the country and constitutes 79% of payments to points of sale according to the latest reports issued by the Saudi Payments Company. The startup has also passed the Visa exam and obtained the Visa Tap on Phone certification.

Muhammad Al-Aiban, CEO of NearPay commented on the round, “The Saudi market has a great opportunity to enter and expand into the field of financial technologies, and by doing so, this will help in achieving our goals in the coming year.”