HyperPay, a payments provider located in Saudi Arabia but providing services across the MENA region, has raised $40 million (SAR 138M) in a funding round led by Mastercard (NYSE: MA) with the participation of Amwal Capital Partners and AB Ventures.
Along with the investment from Mastercard, there is a strategic arrangement that is designed to enable HyperPay to offer new services to businesses, government entities, etc., to move from cash-based payments to an ecosystem utilizing the capabilities of both HyperPay and Mastercard. The funding will also help provide the capital to move into Qatar, Oman, and Egypt.
Muhannad Ebwini, founder and CEO of HyperPay said they are confident of the value-add the investors bring to the company to achieve its long-term growth strategy.
“This successful funding round is a testament of the investors’ interest for the payments sector in KSA and the GCC as a whole and its attractive long-term perspectives. The proceeds from the round will be directed towards creating innovative solutions that will redefine the future of cashless payments in the MENA region. They will help us accelerate our growth beyond payments and allow us to deliver a wide array of products. We have earned our reputation by being quick to respond to the dynamic needs of our partners.”
HyperPay is said to be one of the MENA region’s leading and fastest-growing online payments solutions provider. Today, HyperPay services more than 2,000 merchants across seven countries.
