Saudi Arabia’s HyperPay Secures $36.7 Million for Expansion

HyperPay, a fintech business based in Saudi Arabia, has raised $36.7 million in a fundraising round led by Mastercard, with Amwal Capital Partners and AB Ventures as investors.

HyperPay, founded by Muhannad Ebwini, provides a wide range of products and services to merchants in addition to payment processing, including risk and fraud management, monitoring, instalment and invoicing systems, and more.

“HyperPay is happy to welcome Mastercard, Amwal, and AB Ventures as new investors, and we are sure of the value-add they provide to our company to achieve its long-term growth objective,” said Muhannad Ebwini, Founder and CEO of HyperPay.

HyperPay’s expansion beyond payments will be aided by the fund, which will enable the company to offer a full suite of financial solutions to address the changing demands of its customers across all verticals.

HyperPay will be able to offer new services to help enterprises, governments, and SMEs transition from cash-based payments to a frictionless and seamless ecosystem using both HyperPay and Mastercard’s revolutionary capabilities.

Hyperpay’s regional development aspirations will be aided by this latest fundraising round, which will see the company expand into Egypt, Qatar, and Oman. It will also allow HyperPay to expand its technical team and invest in product research and development, allowing the company to quickly deploy innovative payment technology solutions.

“The funds raised in this round will be used to develop novel solutions that will reshape the future of cashless payments across the Middle East and North Africa.” They will assist us in expanding our business beyond payments and enabling us to provide a diverse range of products. We’ve built a reputation for being quick to respond to our partners’ changing needs.” Ebwini came to a conclusion.