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Nearpay is a technology company.
Nearpay develops software transforming mobile devices into secure, contactless payment terminals. Its core SoftPOS product allows merchants to accept tap-to-pay transactions directly on smartphones, removing the need for dedicated hardware. This technology offers businesses a flexible, cost-efficient method to process in-person payments, enhancing transaction acceptance.
Founded in 2020 in Riyadh, Saudi Arabia, Nearpay was established by Mohammad Aleban and Hamzah Al Ghamdi. They identified a market demand for accessible, efficient payment infrastructure for small and medium-sized enterprises. Their insight leveraged widespread smartphone technology to democratize payment acceptance, lowering barriers for merchants to integrate digital transactions.
Nearpay’s product serves diverse merchants modernizing payment processes. Businesses use the platform to facilitate seamless transactions and improve customer experiences. The company’s vision is to empower merchants with easy, secure, and universally accessible payment acceptance, fostering financial inclusion and supporting economic growth via fintech solutions.
Nearpay has raised $14.6M across 2 funding rounds.
Nearpay has raised $14.6M in total across 2 funding rounds.
Nearpay has raised $14.6M in total across 2 funding rounds.
Nearpay's investors include Sanabil Investments, Arzan Venture Capital, Hala Ventures, stc, Vision Ventures, Acequia Capital, A'Z Angels, Cadenza Capital Management, Norwest Venture Partners, Paradigm, Picus Capital, QED Investors.
NearPay is a Saudi fintech that provides *payment infrastructure as a service* (IaaS), principally an SDK and platform that enable merchants and platforms to accept in‑person NFC “tap‑to‑pay” card transactions and manage payments, reconciliation, refunds and compliance.[3][1]
High‑Level Overview
Origin Story
Core Differentiators
Role in the Broader Tech Landscape
Quick Take & Future Outlook
Core sources: NearPay company site (product, mission, origin story, features)[3][2], CB Insights company profile and industry listings (company data, founding year, product category)[1], and merchant payment ecosystem directory (product positioning and tap‑to‑phone focus)[4].
Nearpay has raised $14.6M across 2 funding rounds. Most recently, it raised $14.0M Series A in December 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Dec 14, 2023 | $14.0M Series A | Sanabil Investments | Arzan Venture Capital, Hala Ventures, stc, Vision Ventures |
| Jan 1, 2021 | $590K Seed | Acequia Capital, A'Z Angels, Cadenza Capital Management, Norwest Venture Partners, Paradigm, Picus Capital, QED Investors, Sapphire Ventures, sequel, Apoorva Ruparel, Russell Cook |