ⓘ Image Source: MENAbytes.com
Founded in 2014 by Muhannad Ebwini, the Riyadh-based HyperPay that processes millions of transactions every year has yesterday raised an undisclosed amount of 8 figures in an investment round led by Mad’s Investment Company along with other backers including Saudi Venture Capital Company (SVC), iNet, MEVP and more. The round followed successful exits of investors who participated in the early stage of the company.
HyperPay offers world-class payment solutions to local and global businesses in the region, contributing to the Kingdom’s Vision 2030 by moving towards a cashless society and boosting digital transactions and e-commerce.
The startup in a statement said that the fresh funds will be deployed in three key areas – investing in infrastructure in Saudi Arabia, growing a suite of products, and expansion across Egypt and GCC.
Commenting on the investment round, Ebwini said:
“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 said:
“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 e-commerce 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.”