Saudi Arabia-based fintech EdfaPay has secured a $5 million pre-Series A funding round led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment to strengthen it’s footprint in the Saudi market and expand its reach across the MENA region and Pakistan.
Established in 2022 by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay offers a comprehensive suite of payment solutions tailored to meet the diverse needs of businesses in Saudi Arabia’s local market and the international markets in Pakistani, Brazil , Bahrain, Iraq and other counties .Its Soft-POS solution allows businesses to accept card payments on the go, while its Payment Gateway enables secure online transactions.It also offers an e-invoicing service that streamlines the invoicing process, making it easier for businesses to manage their financial transactions.
“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.
EdfaPay’s growth strategy now encompasses a significant expansion into Oman, where it is set to deliver a comprehensive payment infrastructure tailored to the needs of banks and local enterprises.
This move supports EdfaPay’s commitment to equipping businesses with secure and adaptable financial tools, contributing to a dynamic ecosystem for startups and SMEs across the region.
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 backed by leading VCs, including OmanTel, Aljabr MENA, Waad Investment, NUWA Capital, and Sanabel 500. It has also expanded its operations to several markets, including Tunisia and Morocco.
As EdfaPay continues to expand its operations, it remains committed to providing cutting-edge financial solutions tailored for startups, freelancers, entrepreneurs, and small and medium-sized enterprises, mirroring its impactful presence across the MENA region. It was also recently chosen as one of the fastest-growing companies in the MENA area.