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December 18, 2023
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Nearpay locks in a cool $14M in Series A funding.

Key points:

  • Nearpay, a fintech startup based in Saudi Arabia, has secured USD 14 million in Series A funding round led by Sanabil Investments, with contributions from stc’s Corporate Investment Fund, Vision Ventures, Hala Ventures, and Arzan Ventures.
  • The investment will allow Nearpay to accelerate its mission of transforming how businesses handle payments and support its global expansion plans.
  • Nearpay’s innovative SoftPOS technology transforms every NFC-equipped device into a secure payment terminal, streamlining the payment process for businesses and cutting costs.

Saudi Arabian fintech firm Nearpay has had a significant boost, receiving USD 14 in a Series A funding round. Their pioneering SoftPOS technology allows NFC-equipped devices such as smartphones to become secure payment terminals, dramatically reducing costs for businesses and streamlining processes.

Sanabil Investments led the funding round, with stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures all making contributions. This substantial investment underscores Nearpay’s influence in redefining the payment landscape and its potential for future global expansion. It also firmly establishes Nearpay as a leader in payment infrastructure excellence, particularly in the area of card-present payments.

Prior to the Series A funding round, Nearpay secured USD 3.6 million in a pre-Series A funding in 2022. This was led by Vision Ventures and also saw participation from Hala Ventures, Arzan VC, Palm Ventures, and several angel investors. These funds were earmarked for augmenting the company’s offerings and enlarging the team in response to Saudi Arabia’s rapidly-growing contactless payment market.

Venture capital investment in Saudi Arabia has accelerated, with funding in the first half of 2022 totaling USD 584 million, exceeding the total for the entire previous year. As Nearpay continues on its mission, the company is poised to reshape the payment landscape and enable seamless, secure transactions for businesses across multiple sectors.

Nearpay remains keen on designing innovative payment infrastructure solutions that cater to banks, payment providers, and SaaS startups, showcasing their expertise in shaping the future of payments one transaction at a time.

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