Saudi FinTech Nearpay secures $14m in Series A funding

By Delisha Fernandes

Nearpay, a Saudi FinTech startup specialising in payment infrastructure as a service (PIaaS), has secured $14 million Series A funding round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (“PIF”).

The funding round also saw contributions from stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures. This investment marks a significant leap forward for Nearpay, underscoring its influence in reshaping the payment landscape.

Sanabil Investments spokesperson said,” We are excited to back NearPay in its journey to enable seamless POS transactions and boost local and regional digital payment evolution. NearPay successfully emerged as a preferred provider for SoftPOS solutions, solving key pain points for its partners and business users. We look forward to supporting the company realize its full potential through its next phase of growth.”

The Series A funding round will empower Nearpay to accelerate its mission of transforming how businesses handle payments. The $14 million funding round will be instrumental in supporting the company’s global expansion plans, advancing technological capabilities, and solidifying Nearpay’s commitment to driving excellence in payments infrastructure with a focus on card present payments.

Nearpay’s SoftPOS transforms every device with NFC(near field communication) into a secure payment terminal, eliminating the need for extra hardware. This not only streamlines payments but also slashes costs for businesses, presenting an irresistible solution across diverse industries.