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Homegrown fintech EdfaPay closed a USD 5 mn pre-series A round led by OmanTel Innovation Labs with contributions from Aljabr MENA and Waad Investment, according to a press release (pdf). The fresh funds are earmarked for consolidating the startup’s presence in the Saudi market as well as expanding across MENA and Pakistan. Proceeds will also support the development of the platform’s features and technology.
What we don’t know: The statement did not disclose additional information on the size of each investor’s contribution, or on whether the investments are debt or equity based.
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What they said: “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,” EdfaPay CTO and Co-Founder Nedal Sabbah said.
ICYMI- The fintech startup obtained licenses to operate in Tunisia last April. It also received accreditation from leading global payments network Discover Global Network in March, paving the way for expansion into new markets.
About EdfaPay: Set up in 2022, EdfaPay is a fintech company that uses software point of sale (softPoS) and payment gateway services for online and offline merchants. It raised USD 1.6 mn in a pre-seed round in 2022 to help boost its progressive softPoS technology, which allows merchants accept card payments directly through their phones. It also raised USD 3.2 mn last year in a seed round to help fuel its expansion overseas.
