# EdfaPay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/edfapay

- Industry: Financial Services
- Headquarters: Riyadh, Saudi Arabia
- Website: www.edfapay.com
- Total disclosed funding: $3.2M
- Latest round: Seed (Jun 2, 2023)
- Investors on record: 4

## About

Based in Riyadh, Saudi Arabia, and founded in 2022, EdfaPay is a fintech company that develops and integrates payment technology solutions to smartphone devices, enabling businesses to make transactions without the need for PoS (Point of Sale) devices. The company was co-founded by Ghormallah Alghamdi and Nedal Sabbah, and in February 2022, EdfaPay raised SAR 6 million in venture funding co-led by new investors Inspire Us, Nuwa Capital, and Wa’lan Trading Company, with participation from individual investors.

The company offers Soft-PoS (Soft- Point of Sale) technology that allows businesses to transform their smartphone devices into payment and transaction terminals, in an easy and effective manner. The firm’s technology utilizes near-field communication (NFC) to help merchants collect payments from their customers within the shortest time, and allows them to track entire transactions through the company’s mobile application, thereby eliminating the need for conventional point-of-sale software and systems.

EdfaPay intends to use the February 2022 funding to launch its financial services across the country and achieve its market entry goals.

## Funding rounds

- Seed, Jun 2, 2023, $3.2M — 500 Global, Basmah Commercial Investment Co., Atmiid for Investments, Nufud Wealth International

## Investors

- 500 Global (https://capitalatlas.ai/funds/500-global) — Seed
- Basmah Commercial Investment Co. — Seed
- Atmiid for Investments — Seed
- Nufud Wealth International — Seed