HyperPay Acquires Sanad Cash to Expand Payment Services in MENA

HyperPay, a payments services provider in the Middle East and North Africa (MENA) region, has acquired Saudi spend management FinTech firm Sanad Cash.

The strategic move was designed to bolster HyperPay’s service offerings and solidify its standing as a comprehensive all-in-one digital solution provider across the MENA region, HyperPay said in a Sunday (July 16) press release.

“By joining forces, we aim to deliver a more comprehensive and streamlined solution to corporate clients in the region,” HyperPay founder and CEO Muhannad Ebwini said in the release. “Leveraging Sanad Cash’s expertise in expense management, we are confident that we can enhance our tools and services, simplifying financial operations for businesses of all sizes. This synergy will enable HyperPay to cater to a wider spectrum of customer needs.”

HyperPay’s mission is to simplify and automate financial transactions for both individuals and corporations, according to the release. The company will collaborate with Sanad Cash to integrate its platforms and services, providing a unified and convenient platform to cover various digital payment requirements.

Both HyperPay and Sanad Cash aim to contribute to the emergence of cashless societies, the release said. HyperPay serves more than 5,000 merchants in seven different countries, and is one of the top-five payment providers in the MENA region, while Sanad Cash provides corporates with a user-friendly platform to streamline and automate their expense management processes.

“We have continuously aimed to streamline financial procedures, enhance transparency, and optimize effectiveness for individuals and businesses alike,” Mahmoud Iswiad, founder and CEO of Sanad Cash, said in the release. “With the support and synergies offered by HyperPay, we are thrilled to propel our vision to new heights and transform it into a comprehensive digital payment hub.”

This acquisition comes about 13 months after HyperPay raised $36.7 million to expand its payment services to merchants in the MENA region. The company said in June 2022 that it would use the fresh capital to continue expanding across Egypt and the Gulf Cooperation Council (GCC) region, grow its infrastructure and build out its suite of products.

The MENA region is quickly becoming a hotbed for open banking, driven by a unique ecosystem, booming consumer demand and “forward-thinking” regulators, Tarabut Gateway founder and CEO Abdulla Almoayed told PYMNTS in an interview posted in June.

This trend has made it possible to implement innovations seamlessly and much faster than in other parts of the world, Almoayed said at the time.

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