Saudi’s EdfaPay raises $5m in pre-series A funding

By Gloria Methri

EdfaPay, a Saudi Arabian FinTech platform, has secured a $5 million Pre-Series A funding round led by OmanTel Innovation Labs.

This investment round, which saw participation from Aljabr MENA and Waad Investment, aims to strengthen EdfaPay’s foothold in the Saudi market and expand its reach across the MENA region and Pakistan.

“This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem,” said Ghormallah Alghamdi, co-founder and CEO of EdfaPay. “With this backing, we are well-positioned to drive innovation and support the growing local and international demand for FinTech solutions”.

EdfaPay’s growth strategy now encompasses a significant expansion into Oman, where it is set to deliver a comprehensive payment infrastructure tailored to the needs of banks and local enterprises. This move supports EdfaPay’s commitment to equipping businesses with secure and adaptable financial tools, contributing to a dynamic ecosystem for startups and SMEs across the region.

Nedal Sabbah, CTO and Co-founder of EdfaPay, said, “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.”

In its announcement, EdfaPay said it continues to expand its operations and remains committed to providing cutting-edge financial solutions tailored for startups, freelancers, entrepreneurs, and small and medium-sized enterprises. This mirrors its presence across the MENA region, where it was also recently chosen as one of the fastest-growing companies.

Leading VCs, including OmanTel, Aljabr MENA, Waad Investment, NUWA Capital, and Sanabel 500 back the company. It has also expanded its operations to several markets, including Tunisia and Morocco.