HyperPay Raises $36.7M to Expand Payment Services to MENA Merchants

Payments FinTech HyperPay raised $36.7 million (SAR138M) to expand its payment services to merchants in the Middle East and North Africa (MENA) region.

Headquartered in Saudi Arabia (KSA) and launched in 2014 by Muhannad Ebwini, HyperPay offers payment processing services, invoicing, risk and fraud management, and other services to support small businesses.

The funding round was led by Mastercard with participation from Amwal Capital Partners and AB Ventures, according to recent media reports.

Read more: Filling an Expense Management Void for Businesses in the MENA Region

The startup has offices in Amman, Riyadh, and Dubai, with most of its team based out of Amman.

HyperPay is planning to use its fresh capital to continue expanding across Egypt and the Gulf Cooperation Council (GCC) region, grow its infrastructure and build out its suite of products.

“HyperPay is delighted to welcome Mastercard, Amwal, and AB Ventures as new investors and we are confident of the value-add they bring to our company to achieve its long-term growth strategy,” said Ebwini.

“This successful funding round is a testament of the investors’ interest for the payments sector in KSA and the GCC as a whole and its attractive long-term perspectives. The proceeds from the round will be directed towards creating innovative solutions that will redefine the future of cashless payments in the MENA region. They will help us accelerate our growth beyond payments and allow us to deliver a wide array of products. We have earned our reputation by being quick to respond to the dynamic needs of our partners.”

Related: Cloud Kitchen Softwares Help MENA Restaurants Optimize Costs, Expand Reach

Egypt-based cloud kitchen operator The Food Lab (TFL) told PYMNTS last month that operating and scaling a restaurant business in the MENA region comes at a steep cost. Co-founder and CEO Ahmed Osman said that counter urbanization also leaves restaurants with the added burden of volatile demand.