Edfaa Payment Services
Provides financial transaction processing services to businesses.
- Finance
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $250m Valuation: $385m | Acquisition | |
| Total Funding | 000k | ||
In the evolving fintech landscape of Saudi Arabia, Ghormallah Al-Ghamdi and Nedal Sabbah identified a critical need. Businesses, both large and small, required more accessible and efficient payment processing. With this insight, they founded EdfaaPay to streamline financial transactions. Their mission was to create a suite of payment solutions that would save merchants time, effort, and money. The company developed a full-stack payment solution, offering services like a secure checkout page, tap-to-phone technology that turns Android devices into point-of-sale systems, and e-invoicing. This allowed them to cater to both online and offline merchants, all managed through a single, unified dashboard. A significant turning point for the Riyadh-based company came in September 2023 when it secured a $1.6 million pre-seed funding round. This injection of capital was earmarked for enhancing its technology and expanding its market reach within the B2B sector. EdfaaPay's journey illustrates a focused approach to solving a specific market problem, building a comprehensive product, and securing the necessary capital to fuel its growth in the competitive fintech space.