Saudi fintech firm raises $3.2m in seed funding

EdfaPay, a Saudi Arabian fintech startup that enables companies to accept payments through smartphones using NFC technology, has raised $3.2 million in seed funding. The funding round was led by Sanabil 500 MENA, Nufud Wealth International, Atmiid Investment, Basmah Commercial Investment, and a group of local and international angel investors. The startup plans to use the funds to expand its operations in Saudi Arabia and enter markets in Pakistan and South America. EdfaPay was founded in 2022 by Ghormallah Alghamdi and Nedal Sabbah. In February 2022, the company secured $1.6 million in pre-seed funding from Nuwa Capital, InspireUs VC, and Wallan Investment Group. The Saudi Arabian fintech sector received $400 million in investments in 2022, a 79% increase from the previous year. The Saudi Central Bank, also known as SAMA, has been instrumental in enabling fintech across all subsectors and recently granted licenses to Spotii and Madfu, two fintech companies that offer consumer financing options.