Riyadh - Sharikat Mubasher: EdfaPay, a leading Saudi provider of fintech services, successfully closed a $5 million pre-series A round led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment.
The company will use the investments to solidify its presence in Saudi Arabia and expand operations in the Middle East and North Africa (MENA) region and Pakistan, a recent statement revealed.
EdfaPay continues to expand its operations to provide leading-edge financial solutions for startups, freelancers, entrepreneurs, and small and medium-sized enterprises (SMEs), cementing its robust presence across the MENA region and Pakistan.
Co-founder and CEO Ghormallah Alghamdi stated that the funding marks a pivotal milestone for EdfaPay as it focuses on the 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,” Alghamdi added.
EdfaPay’s growth strategy now includes a significant expansion into Oman, where it will deliver a comprehensive payment infrastructure tailored to the needs of banks and local enterprises. This move underscores the company’s commitment to equipping businesses with secure and adaptable financial tools, contributing to a dynamic ecosystem for startups and SMEs across the region.
Nedal Sabbah, CTO and Co-founder of EdfaPay, stated: “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”.
Backed by leading VCs including OmanTel, Aljabr MENA, Waad Investment, NUWA Capital, EdfaPay has expanded its operations to several markets including Tunisia and Morocco.
