Near Pay Raises $14 Million in Series A Funding to Enhance Digital Payment Solutions
Near Pay, a Saudi Arabian fintech startup, announced today the successful closure of its Series A funding round, raising $14 million. The round was led by Sanabil Investments, wholly owned by the Public Investment Fund, with participation from Vision Ventures, Hala Ventures, Arzan VC, and the institutional investment fund STC Ventures. This investment round marks a significant milestone in Near Pay’s journey towards transforming the future of payment services.
Founded in 2020 by Mohammed Al-Eiban and Hamza Al-Ghamdi, Near Pay has rapidly grown and established a strong presence in the fintech sector by providing innovative payment solutions for businesses. The company focuses on both traditional Point of Sale (POS) technologies and digital payment solutions (SoftPOS).
Near Pay has carved out a leading role in the field of payment acceptance technologies using smart devices and digital payment solutions (SoftPOS) across the Middle East and North Africa. Its proprietary solutions enable payment acceptance on a variety of devices, including phones, tablets, cash registers, and mobile devices, offering a smooth and secure payment experience for both merchants and consumers.
This latest investment will help accelerate Near Pay’s efforts to revolutionize how businesses handle payment services, bolstering its position in the rapidly evolving global fintech landscape. The $14 million in funding is critical for supporting the company’s international expansion plans, technology development, and commitment to excellence in payment service infrastructure, particularly in services that require the presence of a personal card.
Mohammed Al-Eiban, co-founder and CEO of Near Pay, remarked on the occasion: “This investment is a strong endorsement of our vision to transform the payment sector and offers substantial backing for us to continue pursuing our objectives. We are thrilled about the future, brimming with promising opportunities, and intend to utilize this funding to advance mobile payment technology in ways that make it more accessible and convenient for both businesses and customers.”
A spokesperson from Sanabil Investments stated: “We are delighted to support Near Pay in its mission to streamline point of sale and digital payment transactions both locally and regionally. Near Pay has proven itself as a preferred digital payment solutions provider by addressing major challenges faced by partners and users. We are excited to support the company as it embarks on its next phase of growth.”
Near Pay’s digital payment solutions (SoftPOS) enable any device equipped with Near Field Communication (NFC) technology to become a secure payment platform without the need for extra hardware. This innovation simplifies the payment process, reduces operational costs for businesses, and positions Near Pay’s solutions as an attractive choice for various industries.
With its continued efforts to drive significant changes in the fintech sector, this investment round further solidifies Near Pay’s role as a leader in shaping the future of payment solutions.
