Saudi-based EdfaPay secures $3.2M in seed funding, poised for expansion
RIYADH, Saudi Arabia: Saudi-based fintech startup EdfaPay has secured $3.2 million in seed funding, according to a recent announcement.
The funding round was led by Sanabil 500 MENA, Nufud Wealth International, Atmiid Investment, Basmah Commercial Investment, and a group of local and international angel investors.
Founded in 2022 by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay utilizes NFC technology to allow companies to collect payments through smartphones.
The startup aims to use the capital to strengthen its operations in the Kingdom of Saudi Arabia and expand to Pakistan and South American countries.
In February 2022, EdfaPay secured $1.6 million in a pre-seed funding round led by Nuwa Capital, InspireUs VC, and Wallan Investment Group.
The startup used these funds to launch its financial services across the Kingdom and support its market-entry efforts.
The Kingdom of Saudi Arabia's fintech investments reached $400 million in 2022, a 79 percent increase compared to the previous year.
The Saudi Arabian Monetary Authority (SAMA) is also a key player in enabling fintech across all subsectors, as evidenced by its recent granting of licenses to Spotii and Madfu, two fintech companies that aim to offer consumer financing options.
EdfaPay is positioned to benefit from this growing fintech ecosystem in Saudi Arabia.
With its recent seed funding round and planned expansion, the startup is poised to make a significant impact in the region's financial industry.