# Nearpay

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

- Industry: Financial Services
- Headquarters: Riyadh, Saudi Arabia
- Website: www.nearpay.io
- Total disclosed funding: $14M
- Latest round: Series A (Dec 12, 2023)
- Investors on record: 5

## About

Nearpay Inc. is a Saudi Arabian company that provides Payment Infrastructure as a Service, specializing in enabling efficient in-person NFC card payments through its innovative SDK. This service enhances transaction security and user experience for businesses.Founded in 2020 and headquartered in Riyadh, Saudi Arabia, Nearpay Inc. focuses on delivering payment solutions that empower merchants to accept contactless payments effortlessly. The company raised USD 14.00 mn in its recent Series A funding round on December 12, 2023, led by Sanabil Investments and including participation from Saudi Telecom Co, Vision Ventures, Hala Ventures, and Arzan Venture Capital. The founding team includes Hamzah Al Ghamdi, with Eduardo Bravo acting as CEO alongside Mohammad Aleban, who has previously contributed to other ventures in the tech space.Nearpay specializes in providing Payment Infrastructure as a Service, with a primary focus on enabling in-person NFC card payments through its NearPay SDK. This innovative solution allows businesses to integrate contactless payment capabilities into their applications within 30 minutes, enhancing transaction efficiency and security. The end users of NearPay’s services include merchants across various sectors who aim to facilitate seamless transactions for their customers. By streamlining the process of accepting payments, Nearpay addresses the growing demand for quick, secure, and versatile payment methods in different geographical markets, including North America, Europe, and parts of Asia. The company's offerings are designed to support all platforms and languages, ensuring broad accessibility for a diverse client base.Nearpay generates revenue through its payment processing services, primarily from businesses that utilize its SDK to accept NFC card payments. The transaction structure typically involves merchants subscribing to the service, which includes onboarding support and access to the full suite of payment functionality. This service model allows merchants to manage their transactions effectively while benefiting from Nearpay’s compliance and security features. Pricing plans are structured to accommodate various business sizes and needs, aligning with the capabilities provided by the NearPay SDK. These structured plans enable businesses to efficiently process consumer transactions, thereby contributing to Nearpay's overall revenue stream.In December 2023, Nearpay Inc. raised USD 14.00 mn in Series A funding, which will be utilized for global expansion and product development. The company aims to launch new product features and enhance its existing services in the upcoming year. Nearpay plans to expand into additional markets within Europe and Asia, targeting specific countries that are experiencing rapid growth in digital payments by the end of 2024.

## Funding rounds

- Series A, Dec 12, 2023, $14M — Arzan Venture Capital, Vision Ventures, Hala Ventures, Sanabil Investments, stc Group

## Investors

- Arzan Venture Capital (https://capitalatlas.ai/funds/arzan-venture-capital) — Series A
- Vision Ventures — Series A
- Hala Ventures (https://capitalatlas.ai/funds/hala-ventures) — Series A
- Sanabil Investments (https://capitalatlas.ai/funds/sanabil-investments) — Series A
- stc Group — Series A