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KSA-based FinTech startup NearPay bagged an investment of $600,00 (that’s SAR 2.2 million) in a round of pre-seed funding. The round was led by Saudi angel investor, Musaab Hakami, with some other angel investors as well.

The company launched early on in 2020, offering a software solution that’s NFC tech-enabled point-of-sale (POS) for small businesses. This enables merchants to directly accept payments through their mobile phones.

Said NFC tech makes up for 79% of POS in KSA, in accordance to the most recent reports shared by the Saudi Payments Network.

CEO of NearPay, Mohammed Aleban, has shared: “The Saudi market has a great opportunity to enter and expand into the field of financial technologies, and by doing so, this will help in achieving our goals in the coming year.”

It’s noteworthy to mention that the startup recently obtained the Visa Tap on Phone certification. 

Sarah Faisal

Sarah Faisal

An enthusiastic content manager at Matter in Hand with an affinity for uncovering the magical bits of everything. I also love movies, poetry, and smoothie bowls.