{"id":91783,"date":"2024-11-21T00:00:00","date_gmt":"2024-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/"},"modified":"2024-11-21T00:00:00","modified_gmt":"2024-11-21T00:00:00","slug":"edfapay-raises-usd-5-mn-in-pre-series-a-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/","title":{"rendered":"EdfaPay raises USD 5 mn in pre-series A round"},"content":{"rendered":"

Homegrown fintech <\/strong>EdfaPay<\/a><\/strong> closed a USD 5 mn pre-series A round<\/strong> led by OmanTel Innovation Labs with contributions from Aljabr MENA and Waad Investment, according to a press release (pdf)<\/a>. The fresh funds are earmarked for consolidating the startup\u2019s 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. <\/p>\n

What we don\u2019t know:<\/strong> The statement did not disclose additional information on the size of each investor\u2019s contribution, or on whether the investments are debt or equity based.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What they said: <\/strong>\u201cOur 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,\u201d EdfaPay CTO and Co-Founder Nedal Sabbah said. <\/p>\n

ICYMI-<\/strong> The fintech startup obtained licenses to operate in Tunisia last April<\/a>. It also received<\/a><\/a>accreditation<\/a> from leading global payments network Discover Global Network in March, paving the way for expansion into new markets.<\/p>\n

About EdfaPay:<\/strong> 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<\/a> 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<\/a> last year in a seed round to help fuel its expansion overseas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Proceeds will go towards supporting expansions into new markets<\/p>\n","protected":false},"author":1,"featured_media":91784,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2556],"tags":[3471,10,208,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-edfapay","tag-enterpriseam-ksa","tag-fintech","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"01f45b44-79cc-4326-96fe-2feeaae88d45","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2057.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EdfaPay raises USD 5 mn in pre-series A round led by OmanTel Innovation Labs","related_issue":[91767],"teaser":"Proceeds will go towards supporting expansions into new markets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.a409b52d-d947-44bb-a6a9-0beaa660a847.mp3"},"yoast_head":"\nEdfaPay raises USD 5 mn in pre-series A round - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EdfaPay raises USD 5 mn in pre-series A round\" \/>\n<meta property=\"og:description\" content=\"Proceeds will go towards supporting expansions into new markets\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-21T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2057.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EdfaPay raises USD 5 mn in pre-series A round\",\"datePublished\":\"2024-11-21T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/\"},\"wordCount\":278,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2057.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EdfaPay\",\"EnterpriseAM KSA\",\"fintech\",\"STARTUP WATCH\"],\"articleSection\":[\"STARTUP WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/21\/edfapay-raises-usd-5-mn-in-pre-series-a-round\/\",\"name\":\"EdfaPay raises USD 5 mn in pre-series A round - 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