Hyperpay has partnered with payment processor Paymentology in Saudi Arabia as the region continues its transition towards digital financial services.
The deal comes as the Fintech industry in the MENAP region is expected to increase from $1.5 billion in 2022 to $4.5 billion in 2025.
In a statement, the firms said the agreement will allow Hyperpay to use Paymentology’s platform to connect to payment rails, create new products and leverage data. It further supports the company’s focus in key areas of payment processing, risk and fraud management, monitoring systems, instalments, and invoicing solutions.
Muhannad Ebwini, Founder and CEO of HyperPay, said: “Our strategic vision to become a one-stop shop for all payment services is a direct response to the pressing needs of businesses and government agencies, who demand instant, user-friendly payments accessible from anywhere, anytime. Embracing a global outlook, we’re proud to introduce a versatile offering tailored to both our regional dynamics and the stimulation of cross-border trade. Thus, our choice to partner with Paymentology, a leading global technology player, becomes paramount in this transformative journey.”
Nauman Hassan, Regional Director at Paymentology, added: “Paymentology is proud to be associated with Hyperpay’s Saudi Arabia launch. With a strong foothold in the Middle East, particularly in the kingdom, where numerous fintechs and neobanks have sought our expertise in next-generation payments platforms, we’re well-equipped to facilitate Hyperpay’s rapid business growth. We firmly believe that Hyperpay’s introduction of advanced payment services aligns perfectly with the market’s needs, and we eagerly anticipate a successful partnership.”
Hyperpay recently secured $36.7 million (SAR 138 million) in funding through a round led by Mastercard, with investments from Amwal Capital Partners and AB Ventures. It has plans to go public through an IPO in Saudi Arabia within the next two years while also expanding its operations to Egypt, Bahrain, Iraq, and Oman, the company said.
The agreement with Paymentology was signed at Seamless Saudi Arabia in Riyadh which took place from 4 – 5 September 2023.
