The top fintech platform in Saudi Arabia, EdfaPay, has raised $5 million in a pre-series A funding round led by OmanTel Innovation Labs, with Aljabr MENA and Waad Investment also participating.
With this investment, EdfaPay hopes to increase its market share in Saudi Arabia and broaden its reach throughout Pakistan and the MENA area.
“This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem,” said Eng. Ghormallah Alghamdi, co-founder and CEO of EdfaPay. “With this backing, we’re well-positioned to drive innovation and support the growing local and international demand for fintech solutions.
As part of its current growth strategy, EdfaPay is planning to expand significantly into Oman, where it will provide a full payment infrastructure that is suited to the requirements of banks and regional businesses. By supporting EdfaPay’s mission to provide companies with flexible and safe financial tools, this action helps to create a vibrant ecosystem for startups and SMEs in the area.
Eng. Nedal Sabbah, CTO and co-founder of EdfaPay, commented, “EdfaPay has demonstrated impressive international growth; our SoftPOS technology has been attracting new partners across the region and beyond. With this fund, we will strengthen our technology with new features and enhancements to support and expand our networks of partners in Asia, North Africa, and the GCC.”
EdfaPay is dedicated to offering innovative financial solutions that are suited for startups, independent contractors, entrepreneurs, and small and medium-sized businesses, reflecting its significant presence throughout the MENA region, even as it grows its business. In the MENA region, it was recently selected as one of the fastest-growing businesses.
OmanTel, Aljabr MENA, Waad Investment, NUWA Capital, and Sanabel 500 are among the top venture capital firms that support EdfaPay. Its operations have also been extended to a number of markets, such as Morocco and Tunisia.
