Nearpay raises $14 million to simplify touchless payments across devices

📱 Introducing Nearpay, the Saudi fintech start-up simplifying touchless payments, offering businesses a secure and seamless solution for accepting transactions across a range of devices, including phones, tablets, kiosks, and handhelds.

And, they just secured a $14 million Series A funding round!

• Co-founded in 2020 by Mohamed Aleban and Hamza Al Ghamdi, Nearpay allows banks, payment service providers, and fintech startups to implement card present payments quickly, securely, and with easy integration into their existing systems.

💰 Investor low-down: The Series A round was led by Sanabil Investments, with participation from stc Corporate Investment Fund, Vision Ventures, Hala Ventures, and Arzan Ventures.

• Nearpay previously secured $3.6 million in a pre-Series A round back in October 2022.

🏦 The unbanked

A staggering number of individuals and businesses globally lack access to traditional banking services, creating a significant gap in the financial ecosystem.

This is particularly pronounced in regions with high mobile penetration but low banking infrastructure, leaving a vast portion of the population underserved.

🔑 Simplicity is key

Nearpay is all over addressing this gap.

Its payment solutions, tailored to underserved markets, put simplicity and security first.

How? Nearpay's SoftPOS transforms every device with NFC (near field communication) into a secure payment terminal, eliminating the need for extra hardware.

📈 Benefits

• 1️⃣ Enables quick and easy payment acceptance on various devices
• 2️⃣ Attracts a wider customer base with its versatile payment solutions
• 3️⃣ Reduces operational costs by eliminating the need for additional hardware

The result? Businesses can experience increased efficiency, reduced overheads, and enhanced customer satisfaction.

🔮Flashforward

The fresh funding will enable Nearpay to expand globally, advance its technology, and enhance its payments infrastructure, focusing on card-present transactions.