Saudi FinTech EdfaPay Raises $1.6 Million for B2B Payments

EdfaPay, the Saudi FinTech, has raised $1.6 million in a funding round, a press release says.

EdfaPay, established in 2022 by founders Ghormallah Alghamdi and Nedal Sabbah, works on helping easily collect payments with smartphones.

The service comes without the need to make use of legacy point-of-sale or other physical payment devices.

The company is looking to debut financial solutions in the Saudi market, targeting small and midsize companies.

The report says EdfaPay solutions will let business owners collect payments from anywhere, even locations where legacy POS solutions can’t be deployed.

Businesses like field agents, direct sales, small stores, shipment agents, food delivery, temporary bazaars, and many others will be able to expand their businesses faster with no physical boundaries.

Ghormallah Alghamdi, according to the report, said EdfaPay works on NFC technology, a fast-growing market trend all over the world, which now makes up 85% of the POS transactions.

“One of the main drivers behind adopting this new technology is the fact that the Saudi market has a great chance of expanding in the financial technology domain,” he said. “Keep in mind that most of the available solutions currently serving the Saudi market are not built by local expertise and are highly dependent on white-label external vendors.”

He said the company plans to offer the solution “with the support of a talented Saudi team and will be furnished with solid investors who will be bringing along wide FinTech experience to the table in order to achieve EdfaPay objectives very soon.”

PYMNTS wrote that Shake Shack has been looking into more in-restaurant ordering options, including self-service kiosks and a drive-thru concepts.

See more: Shake Shack Turns to Kiosks, Drive-Thru to Boost In-Store Sales

This comes as its own-device digital purchasing is down from the highs from quarantine.

The fast casual chain, in its fourth quarter 2021 earnings in February, said digital sales had been down 20% in December.

That comes as the company is looking more into kiosks, which are now in “about half” of the restaurants now, according to the brand’s CFO, Katie Fogertey.