Saudi-based FinTech EdfaPay has raised $1.6m in a pre-seed round led by Nuwa Capital, InspireUs VC and Wallan Investment Group.
A report by WAYA revealed the details of the funding round. EdfaPay’s softPOS system allows any merchant to accept payments using their smartphones as opposed to a traditional POS system.
The company, which was founded this year, has also developed a suite of tools to help merchants access additional data post-payment. For example, merchants can now access transactional and historical data via a dashboard, which also allows them to manage user access across branches and stores.
Ghormallah Alghamdi, CEO at EdfaPay, said, “The Saudi market is at an inflection point when it comes to financial services. While there is a tangible move towards digitising payments, merchants are still faced with a lot of friction and costs incurred by setting up payment solutions. We are tapping into an opportunity that has remained largely underserved, while allowing our customers to focus on what they do best.”
Kholoud Almohammadi, venture Partner at Nuwa Capital, added, “Improving digital payment accessibility is key to unlocking scale in many businesses, the company is spearheaded by three founders that we have deep belief in. EdfaPay is going after the opportunity to cut cost and avoid technical hurdles for small-scale business and smoothly plug into digitised payments.”
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