Payments service provider activating in the MENA region HyperPay has planned to go public through an initial public offering (IPO) in Saudi Arabia within the next two years.
Based on the information provided in the press release, this announcement is part of the company’s expansion plans within the Saudi Arabian and MENA fintech markets, as it aims to become the preferred payment tool for organisations throughout the world by having its products and service offerings diversified.
HyperPay offering and what the MENA expansion entails
HyperPay serves as a one-stop solution that aims to meet all financial requirements and interests of customers and the company plans on providing an increasingly extensive spectrum of financial services and products as part of its expansion plans, beyond payment services. The company looks to assist robust economies like Saudi Arabia in facilitating the shift towards a cashless economy and by doing so, it aims to establish the MENA region as a cashless ecosystem that addresses the requirements and interests of customers.
Muhannad Ebwini, Founder and CEO of HyperPay advised that Saudi Arabia is an important market, especially due to the growth that is seen within the fintech sector. The company is committed to expanding its services beyond payments to offer an extensive spectrum and products across the MENA region and in Saudi Arabia particularly. As per their statement, the country’s digital transformation initiative, part of the Saudi Vision 2030, brings forth the opportunity to have widespread adoption of cashless payment models achieved.
As the company’s primary objective is that of positioning the MENA region as a cashless ecosystem that meets all customers’ financial needs and interests, it is developing and expanding its product lines to address the needs of its customers across all sectors and resolve difficulties that businesses face when adopting digital payment models.
The announcement details that US Expert Market Research highlights the global fintech market was estimated to be at USD 136 billion in 2021 and is expected to reach USD 266.9 billion by 2027, at a compound annual growth rate (CAGR) of 12.1%. HyperPay is looking to address the needs and demands of the expanding fintech sector in Saudi Arabia, as the industry is projected to increase in the years to come.
Additionally, as customers exhibit a growing dependence on digital platforms for purchasing, ecommerce is also believed to expand, and enabling ‘exceptional’ customer experiences requires simplified payment options. HyperPay enables access to an extensive range of other products and services to its merchants, which include risk and fraud management, tracking systems, instalments, and invoicing systems.
In June 2022, the company secured a USD 36.7 million investment (SAR 138 million) in a funding round led by Mastercard with participation from Amwal Capital Partners and AB Ventures, which served as the start of a strategic business partnership set to support the company’s efforts in growing regionally and expanding its product offerings. As per the details provided in the press release, the funding is set to further assist the company’s growth and IPO, together with its expansion into Egypt, Bahrain, Iraq, and Oman.
Source: https://thepaypers.com/payments-general/hyperpay-to-go-public-in-saudi-arabia--1261785