Riyadh, Saudi Arabia — EdfaPay, a leading fintech platform in Saudi Arabia, has successfully raised $5 million in a Pre-Series A funding round. The investment was led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment.
The funding will bolster EdfaPay’s presence in Saudi Arabia while driving its strategic expansion across the MENA region and into Pakistan. The company aims to further enhance its fintech solutions and cater to the growing demand for innovative payment technologies.
“This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s flourishing entrepreneurship ecosystem,” said Eng. Ghormallah Alghamdi, Co-founder and CEO of EdfaPay. “With this backing, we’re well-positioned to drive innovation and support the growing local and international demand for fintech solutions.”
Strategic Expansion and Technology Advancements
As part of its growth strategy, EdfaPay is set to expand into Oman, where it plans to deliver a robust payment infrastructure tailored to banks and local enterprises. This move aligns with the company’s mission to empower businesses with secure and flexible financial tools, fostering a dynamic ecosystem for startups and SMEs in the region.
“EdfaPay has demonstrated impressive international growth,” said Eng. Nedal Sabbah, CTO and Co-founder of EdfaPay. “Our SoftPOS technology has attracted new partners across the region and beyond. With this funding, we will enhance our technology with new features and strengthen our partner networks across Asia, North Africa, and the GCC.”
Catalyst for Innovation
EdfaPay continues to provide tailored financial solutions for startups, freelancers, entrepreneurs, and small and medium-sized enterprises. Its innovative offerings include SoftPOS technology for easy transactions via smart devices, a secure payment gateway for e-commerce, and automated e-invoicing tools—all managed through a unified, real-time dashboard.
The company was recently recognized as one of the fastest-growing fintech platforms in the MENA region and has expanded its operations into markets such as Tunisia and Morocco.
Backed by Leading Investors
EdfaPay’s rapid growth is supported by a strong investor base, including OmanTel, Aljabr MENA, Waad Investment, NUWA Capital, and Sanabel 500. The new funding underscores the confidence of these investors in EdfaPay’s vision and its ability to redefine digital payments in the region.
About EdfaPay
Founded in 2022 and headquartered in Riyadh, EdfaPay is a fintech platform revolutionizing digital payments for SMEs across the MENA region. Its portfolio includes seamless, tailored solutions that simplify financial operations and drive growth for startups and businesses.
With its innovative approach and ambitious expansion plans, EdfaPay continues to play a pivotal role in shaping the future of fintech in the region and beyond.
