Saudi-based point of sale startup NearPay has closed a US$3.6 million pre-series A funding round led by Vision Ventures, with participation from Hala Ventures, Arzan VC, Palm Ventures, and angel investors.
Founded in 2020, NearPay provides a solution that allows merchants to accept payments through their mobile phones without the need for specialised hardware such as payment terminals.
The company has over 15 clients and it has also obtained security certificates for all payment networks including the MasterCard Level 3 MTip Certification and VISA Level 3 Certification.
The latest funding will be used to enhance NearPay’s offering as well as expand its team.
“What differentiates the payments infrastructure field is the ability to innovate in tailoring solutions that suit the local and regional markets without having to depend on ready-made technologies from abroad. This in turn localises technologies which are in line with the Kingdom’s Vision 2030,”
said Mohammad Alaiban, Co-founder and CEO of NearPay.
“We are proud to support NearPay in their journey as they are now empowering service providers to quickly go to market without much development,”
said Kais Al Essa, Founding Partner and CEO of Vision Ventures.
