EdfaPay Secures $5 Million Pre-Series A Led by OmanTel Innovation Labs
The Saudi fintech company plans to use this funding to expand into the MENAP region, offering solutions for startups, SMEs and freelancers.
Riyadh-based fintech company EdfaPay has raised $5 million in a Pre-Series A funding round, led by OmanTel Innovation Labs, with additional participation from Aljabr MENA and Waad Investment. This investment comes at a time when demand for innovative fintech solutions is rapidly growing within the dynamic SME and startup ecosystem across the Middle East and North Africa (MENA) region.
The newly raised capital will enable EdfaPay to strengthen its position in Saudi Arabia and expand its footprint into new markets, including Pakistan and other parts of North Africa and Asia. EdfaPay is focused on empowering startups, freelancers, and small-to-medium enterprises (SMEs) with payment tools such as SoftPOS technology, secure e-commerce gateways, and automated invoicing systems—all accessible via a unified digital dashboard.
"This funding marks a pivotal milestone for EdfaPay as we focus on Saudi Arabia’s growing entrepreneurship ecosystem,” said Eng. Ghormallah Alghamdi, co-founder and CEO of EdfaPay. “It provides us with the resources to scale our solutions and drive regional fintech adoption.”
EdfaPay’s SoftPOS technology is at the centre, allowing businesses to process payments efficiently through smart devices. The company has already gained traction in Morocco and Tunisia.
“We are seeing impressive international growth,” said Eng. Nedal Sabbah, CTO and co-founder of EdfaPay. “With this funding, we will continue to strengthen our technology, adding new features to meet the evolving needs of our partners and customers.”
The Saudi fintech sector has projections suggesting an annual increase of 18%, in line with the country’s Vision 2030 initiatives aimed at diversifying the economy and promoting technological innovation. EdfaPay’s expansion supports these efforts by equipping businesses with adaptable financial solutions that streamline operations and foster efficiency.
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