HyperPay , a Saudi Arabia-based fintech company has raised $36.7 million 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.
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.
The fund 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 utilising the innovative capabilities of both HyperPay and Mastercard.
This new funding round will support Hyperpays regional expansion efforts, broadening its 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.