Saudi based payment service provider HyperPay has closed its 8-digit investment round with the objective to use the funds in areas of investing in infrastructure in Saudi Arabia, growing a suite of products and accelerating expansion across Egypt and the GCC.
The funding round was led by Mad’a Investment, with participation from investors including Saudi Venture Capital Company (SVC), iNet, MEVP, and others. The investment round included successful exits too, for investors who participated in early-stage funding.
Muhannad Ebwini founder and CEO of HyperPay expressed, “We have been fortunate to have some of the Kingdom’s leading investors believe in HyperPay’s potential. We are looking forward to the upcoming year as it will hold new and exciting projects, and closing this round will support in actualizing our objectives for 2020.”
Abdullah Abdulaziz AlOthaim, Founder & CEO, Mad’a Investment stated, “After keeping a close eye on HyperPay’s activities in recent years, we were impressed by the company’s noticeable growth in Saudi Arabia and its aim to empower the regional ecommerce space by helping move towards a more integrated financial ecosystem which is in line with the Vision 2030. We are delighted to partner with Muhannad and his team as they continue to offer businesses a global standard in digital payments.”
Founded in 2014, the Saudi-headquartered company provides payment solutions to local and global businesses in the region. Mad’a Investment is a private equity firm headquartered in Riyadh and a wholly owned subsidiary of Abdul Aziz Al Othaim & Sons.