NearPay

Nearpay is a Saudi-based fintech company specializing in payment infrastructure as a service. Founded in 2020 by entrepreneurs Mohamed Aleban and Hamza AlFarhan, Nearpay has rapidly emerged as a pioneer in the fintech sector, offering businesses a revolutionary payments infrastructure with a focus on Point of Sale (POS) and SoftPOS technology. (nearpay.io)

The company's innovative Tap on Phone/SoftPOS technology simplifies accepting payments on any device, including smartphones, tablets, kiosks, and handheld devices, offering a seamless and secure experience for both merchants and consumers. (nearpay.io) This solution enables businesses to accept in-person NFC card payments within 30 minutes using the cutting-edge Nearpay SDK. (nearpay.io)

Nearpay's clientele includes acquiring banks, payment service providers, and fintech startups, all of whom benefit from the company's secure and reliable payment infrastructure. The company has achieved significant milestones, including processing over 40 million transactions in 2024 and securing a $14 million Series A funding round in December 2023, led by Sanabil Investments with participation from stc's Corporate Investment Fund, Vision Ventures, Hala Ventures, and Arzan Ventures. (en.arageek.com)

With a team of approximately 30 employees from over seven nationalities, Nearpay continues to expand its footprint across the Middle East and North Africa (MENA) region and beyond, bringing innovative financial services to more people every day. (nearpay.io)

The company's mission is to empower millions of entrepreneurs and startups around the world to start and grow their businesses with its payment tools and financial services. (nearpays.com)

In late 2020, a sprinkler disaster at a co-working space serendipitously brought Mohammed Al-Aiban and Hamzah Alghamdi together. Amidst salvaging equipment, they discovered a shared vision: to revolutionize point-of-sale (POS) payments for merchants. This encounter laid the foundation for NearPay, a Saudi fintech company dedicated to providing innovative payment infrastructure solutions.

Recognizing the rapid growth of contactless payments in Saudi Arabia, which surged from 4% in 2017 to 94% by the end of 2020, NearPay aimed to address the market's demand for seamless and secure payment solutions. In early 2021, the company secured a pre-seed investment of 2.2 million Saudi riyals, enabling the development of their first softPOS product. This solution empowered merchants to accept payments directly on their smartphones, eliminating the need for traditional hardware terminals.

The momentum continued with a significant pre-Series A funding round in May 2021, raising 8 million Saudi riyals. This investment facilitated the launch of NearPay's softPOS system, marking a pivotal milestone in the company's journey. The success of these funding rounds underscored the growing confidence in NearPay's vision and its potential to transform the payments landscape.

In December 2023, NearPay achieved another significant milestone by raising $14 million in a Series A funding round. Led by Sanabil Investments, with participation from stc Corporate Investment Fund, Vision Ventures, Hala Ventures, and Arzan Ventures, this investment positioned NearPay to accelerate its mission of redefining payment infrastructure. The funds were earmarked for global expansion, technological advancements, and enhancing the company's offerings to better serve its growing clientele.

Throughout its journey, NearPay has remained committed to innovation and security. The company obtained the PCI DSS certificate, ensuring adherence to international standards in handling users' financial data. This certification reflects NearPay's dedication to protecting data from misuse and violations, reinforcing trust among its partners and customers.

Today, NearPay boasts a diverse team of approximately 30 employees from over seven nationalities. Their collective ambition continues to drive the company's growth, as they strive to build a robust payment infrastructure as a service for the MENA region and beyond. NearPay's story is a testament to the power of serendipitous encounters, visionary leadership, and a steadfast commitment to innovation in the fintech sector.

NearPay is dedicated to revolutionizing payment acceptance by providing businesses with seamless, device-agnostic solutions that enable secure, contactless transactions.

By transforming any smart device into a payment terminal, NearPay empowers merchants to accept payments anywhere, anytime, without the need for additional hardware.

This innovation not only simplifies the payment process but also enhances the customer experience, driving the future of payments forward.

At NearPay, we envision a future where businesses of all sizes can effortlessly accept secure, contactless payments using their existing devices.

By providing innovative payment infrastructure solutions, we aim to empower merchants across the MENA region and beyond, enabling them to offer seamless transaction experiences to their customers.

Our commitment to continuous innovation and excellence drives us to redefine the future of payments, making them more accessible, efficient, and secure for everyone.

Innovation

NearPay demonstrates its commitment to innovation through continuous investment in research and development, leading to the creation of cutting-edge payment solutions like their Tap to Pay technology. This innovation enables businesses to accept in-person NFC card payments swiftly and securely, enhancing transaction efficiency and customer experience.

Security

Security is paramount at NearPay, as evidenced by their adherence to stringent compliance standards. The company holds certifications such as PCI DSS and PCI MPoC, ensuring that all payment processes are secure and protect cardholder data. This dedication to security builds trust with clients and partners.

Customer-Centricity

NearPay places a strong emphasis on customer-centricity by offering tailored solutions that meet the unique needs of businesses. Their flexible SDKs and APIs allow for seamless integration, enabling merchants to accept payments efficiently and providing a user-friendly experience for their customers.

Collaboration

Collaboration is a core value at NearPay, demonstrated by their partnerships with various financial institutions and payment service providers. These collaborations enable NearPay to expand its reach and offer comprehensive payment solutions, fostering a collaborative ecosystem within the fintech industry.

Compliance

NearPay's commitment to compliance is evident through its acquisition of multiple Level 2 and Level 3 Kernel Certifications from major payment networks like Visa, Mastercard, and American Express. This ensures that their payment solutions meet the highest industry standards, providing reliable and compliant services to their clients.