Startup

Nearpay Raises $14 Million in Series A Round

Nearpay specializes in providing businesses with payment infrastructure, particularly focusing on Point of Sale (POS) and SoftPOS technology.

By Inc.Arabia Staff
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Saudi fintech startup Nearpay announced the closure of a $14 million Series A funding round, according to an announcement.[1]

Spearheaded by Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), the investment round includes contributions from stc's Corporate Investment Fund (CIF), Vision Ventures, HALA Ventures, and Arzan Ventures.

Established in 2020 by Mohamed Aleban and Hamza AlFarhan, Nearpay specializes in providing businesses with payment infrastructure, particularly focusing on Point of Sale (POS) and SoftPOS technology.

This financial injection will support the company's global expansion plans.

In January 2021, NearPay raised a $600,000 pre-seed round, led by Saudi angel investor Musaab Hakami alongside other angel investors.

It also closed a $2.1 million pre-seed investment from a group of angel investors in the same year.

In 2022, Nearpay wrapped up a $3.6 million in a pre-Series A funding round, led by Vision Ventures with participation from Hala Ventures, Arzan VC, Palm Ventures and a number of angel investors. 

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