Nearpay Secures $14 Million in Series A Funding, Backed by Sanabil Investments, Stc CIF, and Vision Ventures, Poised to Transform the Payment Landscape

Nearpay secures $14M in Series A funding, led by Sanabil Investments, with participation from stc Corporate Investment Fund, Vision Ventures, Hala Ventures and Arzan Ventures.

Nearpay, the cutting-edge Saudi fintech startup specializing in payments infrastructure as a service, announced the successful closure of a $14 million Series A funding round led by Sanabil Investments, a wholly owned company by the Public Investment Fund (“PIF”). This investment round, which includes stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures and Arzan Ventures, marks a pivotal moment for Nearpay as it continues to redefine the landscape of payments.

Founded in 2020 by Mohamed Aleban and Hamza AlFarhan, Nearpay has swiftly emerged as a pioneer in the fintech sector, offering businesses a revolutionary payments infrastructure with a focus on POS and SoftPOS technology. Nearpay, a pioneer in Tap on Phone/SoftPos technology in the MENA region, has developed its infrastructure from ground up. This innovative solution simplifies accepting payments on any device including phones, tablets, kiosks and handheld devices easier than ever, offering a seamless and secure experience for both merchants and consumers.

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The Series A funding round will empower Nearpay to accelerate its mission of transforming how businesses handle payments. The $14 million funding round will be instrumental in supporting the company’s global expansion plans, advancing technological capabilities, and solidifying Nearpay’s commitment to driving excellence in payments infrastructure with a focus on card present payments.

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“Our vision for redefining payments has not only been validated but supercharged with this investment. The road ahead is thrilling, filled with opportunities as we use this momentum to effortlessly revolutionize mobile transactions, creating seamless experiences for businesses and consumers,” said Mohamed Aleban, Co-Founder & CEO of Nearpay.

Sanabil Investments spokesperson commented, “We are excited to back NearPay in its journey to enable seamless POS transactions and boost local and regional digital payment evolution. NearPay successfully emerged as a preferred provider for SoftPOS solutions, solving key pain points for its partners and business users. We look forward to supporting the company realize its full potential through its next phase of growth.”

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Nearpay’s SoftPOS transforms every device with NFC (near field communication) into a secure payment terminal, eliminating the need for extra hardware. This not only streamlines payments but also slashes costs for businesses, presenting an irresistible solution across diverse industries.

As Nearpay continues to disrupt the fintech space, the Series A funding round reinforces the company’s position as a key player in shaping the future of payments.

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