Saudi Arabia-based fintech company EdfaPay has successfully raised $5 million in a Pre-Series A funding round, led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment. This funding marks a significant milestone in EdfaPay’s mission to revolutionize payment solutions for businesses across the MENA region and Pakistan.
Pioneering Tap-to-Pay Solutions for SMEs
Founded in 2022 by Eng. Ghormallah Alghamdi and Eng. Nedal Sabbah, EdfaPay offers an innovative tap-to-pay solution that allows small and medium-sized enterprises (SMEs) to use smartphones as point-of-sale (POS) devices. This eliminates the need for traditional POS systems, providing a cost-effective and scalable payment infrastructure tailored to the needs of modern businesses.
Strategic Expansion Plans
EdfaPay plans to leverage this funding to:
- Strengthen its presence in Saudi Arabia, one of the fastest-growing fintech markets globally.
- Expand operations across the MENA region and Pakistan, focusing on high-potential markets such as Oman, Tunisia, and Morocco.
- Enhance its SoftPOS technology, integrating new features to support a growing network of partners across Asia, North Africa, and the GCC.
Leadership Vision
Eng. Ghormallah Alghamdi, co-founder and CEO, shared his excitement:
“This funding is a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem. With this backing, we’re well-positioned to drive innovation and support the growing local and international demand for fintech solutions.”
Eng. Nedal Sabbah, co-founder and CTO, emphasized the importance of technology in EdfaPay’s growth:
“EdfaPay has demonstrated impressive international growth. Our SoftPOS technology has attracted new partners across the region. This fund will strengthen our technology, enabling us to provide secure and adaptable financial tools for businesses.”
Supporting SMEs and Entrepreneurs
EdfaPay is committed to empowering:
- Startups and freelancers: Offering cost-effective, flexible payment tools.
- Entrepreneurs and SMEs: Providing secure solutions that simplify financial transactions.
Impressive Growth Trajectory
Since closing its pre-Seed round of $1.6 million in February 2022, EdfaPay has rapidly expanded its footprint. The company now operates in several markets, including Tunisia and Morocco, and is gearing up for further expansion into Oman, Pakistan, and other GCC nations.
EdfaPay’s solutions have garnered recognition as some of the most innovative in the region. The company was recently named one of the fastest-growing startups in MENA, highlighting its impact on the region’s fintech landscape.
Investor Confidence
EdfaPay is backed by leading venture capital firms, including NUWA Capital, Sanabel 500, and its current round’s investors, OmanTel, Aljabr MENA, and Waad Investment. This strong investor base underscores confidence in EdfaPay’s vision and its ability to scale globally.
Driving the Future of Fintech
As the fintech industry continues to evolve, EdfaPay is poised to lead the way in providing cutting-edge, scalable solutions for businesses across diverse sectors. With its robust technology, strategic market expansion, and commitment to innovation, EdfaPay is shaping the future of financial services in MENA and beyond.
