Mastercard’s Hyperpay raises $36.7 Million

HyperPay, a KSA-based servicing payments service provider, has raised $36.7 million (SAR 138 millions) in a round led by Mastercard. It was supported by investments from Amwal Capital Partners as well as AB Ventures. HyperPay was founded by Muhannad Elwini and offers merchants a wide range of products and services, as well as payment processing. It also includes risk management and fraud management.

The transaction with Mastercard will help accelerate HyperPay’s expansion beyond payments to deliver a complete suite of financial products that meet the evolving needs of its customers across all verticals. HyperPay will be able to offer new services that help governments, businesses, and SMEs transition from cash-based payments into a seamless and frictionless ecosystem using the innovative capabilities of Mastercard and HyperPay. Muhannad Ebwini, Founder and CEO of HyperPay commented, “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. This successful funding round is a testament of the investors’ interest in the payments sector in KSA and the GCC as a whole and its attractive long-term perspectives.”

This new funding round will support HyperPay’s regional expansion efforts, broadening its market to Egypt, Qatar, and Oman. This funding round will allow HyperPay to expand its tech team, invest in product development and research, and to quickly introduce new payment technology solutions. “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 allow us to offer a broad range of products and help us grow beyond payments. We have earned our reputation by being quick to respond to the dynamic needs of our partners.” Ebwini concluded.

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