EdfaPay, a Saudi-based fintech platform, has raised $5 million in a pre-Series A funding round led by OmanTel Innovation Labs. Aljabr MENA and Waad Investment also participated.
Why it Matters? The funds will help the startup expand operations into Oman, following expansion into Pakistan, Morocco, and Tunisia.
More to Know:
- EdfaPay was founded in 2022 and is led by Ghormallah Alghamdi.
- This marks the company’s third investment round, after a $1.6 million Pre-Seed in 2022 and a $3.2 million seed round in 2023.
- The funds will be used to strengthen its presence in Saudi Arabia.
- It will expand operations to provide payment infrastructure to companies in Oman.
Related Comments:
- “This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem,” said Eng. Ghormallah Alghamdi, co-founder and CEO of EdfaPay. “With this backing, we’re well-positioned to drive innovation and support the growing local and international demand for fintech solutions”.
- Nedal Sabbah, CTO and Co-founder of EdfaPay commented, “EdfaPay has demonstrated impressive international growth; our SoftPOS technology has been attracting new partners across the region and beyond. 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”.