EdfaPay, a fintech platform based in Saudi Arabia, has secured USD 5 million in a Pre-Series A funding round, which was led by OmanTel Innovation Labs.
EdfaPay offers digital payments for small and medium-sized enterprises (SMEs) throughout the MENA region. It provides a wide range of fintech solutions tailored for startups and growing businesses, featuring Soft POS technology for convenient transactions through smart devices, a secure payment gateway for ecommerce, and automated e-invoicing tools, which can be accessed as a cohesive, real-time dashboard.
This investment is designed to increase EdfaPay’s presence in the Saudi market while also extending its reach throughout the MENA region and Pakistan. Officials from EdfaPay announced that this funding marks a significant milestone for the company as it focuses on the growing entrepreneurship landscape in Saudi Arabia. With this support, EdfaPay is well-positioned to promote innovation and address both local and international demand for fintech solutions.
EdfaPay’s growth strategy now includes a substantial expansion into Oman, where it aims to provide a robust payment infrastructure designed to meet the requirements of banks an local businesses. This initiative reinforces EdfaPay’s commitment to providing enterprises with secure and flexible financial solutions, fostering a better ecosystem for startups and SMEs throughout the region. EdfaPay is supported by venture capitalists, including OmanTel, Aljabr MENA, Waad Investment, NUWA Capital, and Sanabel 500.
EdfaPay previous developments
In July 2024, EdfaPay successfully obtained a licence for its financial payment solutions in Morocco, marking an expansion of its operations into this new market.
Following its entry into Tunisia in April 2024, this latest announcement enables the company to operate in Morocco and reinforces its dedication to enhancing the global financial landscape. The newly acquired license will empower EdfaPay to offer its financial solutions, such as Soft POS and Payment Gateway, to merchants and customers throughout Morocco. With its expertise and sustainable technology, the company aims to increase the efficiency, security, and ease of financial transactions.
Source: THE PAYPERS
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