UAE-based Encore Pay has closed its seed round on $1.5m, as it plans to expand across the MEA region.
The investment was backed by GreenHouse Capital, an investment firm focused on companies in Africa. GreenHouse will also leverage Encore Pay’s PAYdirect solution for its neo bank and FinTech business in MEA and North America.
In addition to international expansion, the company plans to enhance its platform services.
Encore Pay is a software-as-a-service solution that provides FinTechs, neo banks and conventional banks with a variety of financial services. It offers neo banking, wallets, BNPL, digital onboarding, merchant payments and kiosk management.
Encore Pay CEO, and founder Imran Saeed said, “We are super excited to win the backing via an attractive balance of growth capital and partnership from a premier fintech VC who will bring expertise and new insights to support our growth. At Encore Pay, we want to empower our customers with a scalable and modular platform.”
There have been multiple FinTech companies from the UAE to raise capital this year. Most recently, QFIL Solutions closed its pre–seed funding round on $1m ahead of its launch. The company help investors, institutions and retail traders maximise gains and reduce risks through real-time market signals.
Copyright © 2022 FinTech Global