HyperPay, the largest and fastest growing payment services provider in the MENA region, has announced that it is going public through an initial public offering (IPO) in Saudi Arabia over the next two years as part of its expansion plan in the country’s fintech market.
The payment service provider aims to become the payment tool of choice for various top organizations worldwide by diversifying its products and service offerings. HyperPay acts as a one-stop solution that meets all of its customers’ financial requirements and interests, and further intends to offer a wide range of financial services and products as part of its expansion plans, beyond payment services. It further aims to help robust economies such as Saudi Arabia ease the transition towards a cashless economy. By doing this, the company further strives to establish the MENA region as a leading cashless ecosystem that caters to customers’ demands and interests.
Muhannad Ebwini, Founder and CEO of HyperPay stated: “Saudi Arabia is an important market, especially as the fintech sector in the country is currently experiencing remarkable growth. We are committed to expanding our services beyond payments to offer a wide range of financial services and products across the MENA region, particularly Saudi Arabia. The country’s digital transformation initiative, which comes as part of Saudi Vision 2030, presents the ideal opportunity to achieve widespread adoption of cashless payment models across the country. At HyperPay, our primary goal is to position the MENA region as one of the leading cashless ecosystems that meet all of our customers’ financial needs and interests. We are developing and expanding our product lines, meeting the changing needs of our customers across all sectors and solving any difficulties that businesses face while adopting digital payment models.”
According to US Expert Market Research, the global fintech market was estimated at US$136 billion in 2021 and is expected to expand to nearly US$266.9 billion by 2027, at a compound annual growth rate of 12.1 percent.
HyperPay aims to satisfy the various needs and demands of the developing fintech sector in Saudi Arabia, where the industry is expected to grow dramatically in the coming years. Furthermore, as customers worldwide increasingly rely on digital platforms for purchases, e-commerce will also expand, enabling exceptional customer experiences enabled by streamlined and seamless payment options. In addition to payment processing, HyperPay also offers a wide range of other products and services to its merchants, such as risk and fraud management, tracking systems, installment and invoicing systems.
Recently, the company raised SAR 138 million in a funding round led by Mastercard with investments from Amwal Capital Partners and AB Ventures. This funding round served as the beginning of a strategic business partnership that will support the company’s efforts to grow regionally and expand its product offering. The new funding will further contribute to the growth of the company and its IPO, as well as its expansion into Egypt, Bahrain, Iraq and Oman.
The company currently serves more than 5,000 merchants in seven different countries and is one of the top five payment providers in the MENA region contributing to the emergence of cashless societies. It also provides enterprises, governments and small and medium-sized enterprises (SMEs) with cutting-edge technologies to help them transition from cash-based payments to an enhanced and seamless ecosystem. HyperPay is headquartered in Riyadh and has offices in Jordan and the UAE.
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