HyperPay, Saudi Arabia’s fastest-growing payments services provider in the Middle East and North Africa (MENA), has successfully raised SAR 138M in a new funding round. The round was led by Mastercard with investments from Amwal Capital Partners and AB Ventures.
The agreement with Mastercard entails a strategic and commercial partnership in the MENA region that 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.
This new funding round will also 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.
Muhannad Ebwini, Founder and CEO of HyperPay said, “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. 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.”