Saudi leading fintech platform EdfaPay has secured a $5 million pre-Series A funding round led by OmanTel Innovation Labs, Aljabr MENA, and Waad Investment.
According to a press release, the company will use the investment to strengthen its position in the Saudi market and expand its reach across the MENA region and Pakistan.
This move backs the platform’s commitment to equipping businesses with secure and adaptable financial tools contributing to a dynamic ecosystem for startups and small and midsize enterprises (SMEs) across the region.
Ghormallah Alghamdi, Co-Founder and CEO of EdfaPay, said: “This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem.”
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“With this backing, we are well-positioned to drive innovation and support the growing local and international demand for fintech solutions,” Alghamdi continued.
EdfaPay scaled up its business into Oman, where it is set to deliver a comprehensive payment infrastructure tailored to the needs of banks and local enterprises. It has expanded its operations to several markets, including Tunisia and Morocco.
Nedal Sabbah, CTO and Co-Founder of EdfaPay, commented: “With this fund, we will strengthen our technology with new features and enhancements to support and expand our networks of partners in Asia, North Africa, and the GCC.”
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