MENA-focused HyperPay to expand in Saudi Arabia through IPO

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Riyadh – HyperPay, the Saudi payments services provider in the MENA region, intends to expand its business in Saudi Arabia by going public through an initial public offering (IPO) within the coming two years.

As part of its expansion plan in the fintech market, HyperPay aims to become the preferred payment tool for different leading entities worldwide by diversifying its products and service offerings, according to a press release.

The Riyadh-based company also plans to offer a broad spectrum of financial services and assist strong economies like Saudi Arabia in facilitating the switch towards a cashless economy.

Therefore, HyperPay aims to make the MENA region a leading cashless ecosystem that caters to the requirements and interests of customers.

Founder and CEO of HyperPay, Muhannad Ebwini, stated: “Saudi Arabia is an important market especially since the fintech sector in the country is currently experiencing remarkable growth.”

Ebwini elaborated: “The country's digital transformation initiative, which comes as part of the Saudi Vision 2030, presents the ideal opportunity to achieve widespread adoption of cashless payment models across the country.”

The firm has recently secured SAR 138 million in a funding round led by Mastercard, with investments from Amwal Capital Partners and AB Ventures. The proceeds of the funding will endorse the growth of HyperPay and its IPO in addition to its expansion into Egypt, Bahrain, Iraq, and Oman.

It currently serves more than 5,000 merchants across seven countries while being one of the top-five payment providers in the MENA region that contributes to the emergence of cashless societies.

It is worth noting that besides its headquarters in the Saudi capital, HyperPay has offices in Jordan and the UAE.