Saudi Arabia-based payment services provider HyperPay has raised SAR138 million ($36.8m) in a new funding round led by Mastercard with investments from Amwal Capital Partners and AB Ventures.
Mastercard also entered strategic and commercial partnership with HyperPay to drive the adoption of digital payment solutions across the region and accelerate the startup’s expansion beyond payments to deliver a complete suite of financial products.
The partnership will allow HyperPay to offer new services to help businesses, governments and SMEs move from cash-based payments to a frictionless and seamless ecosystem.
“HyperPay is delighted to welcome Mastercard, Amwal, and AB Ventures as new investors and we are confident of the value-add they bring to our 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,” said Muhannad Ebwini (below), founder and CEO of HyperPay.
“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,” he added.
This new funding round will also support HyperPay’s regional expansion efforts, broadening their market to Egypt, Qatar, and Oman.
It will also enable the Saudi startup to grow its tech team and invest in product research and development, to introduce new payment technology solutions with speed.
“Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all. We are thrilled to enter this partnership with HyperPay as we work together to offer consumers access to innovative, seamless and secure payment solutions,” said Dimitrios Dosis (above), president, Eastern Europe, Middle East and Africa, Mastercard.
“With this shared vision, Mastercard and HyperPay have the opportunity to unlock the region’s potential by using technology to pave the way for a streamlined, efficient and more inclusive future,” he added.
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