Jordan, February 16, 2015
Gate2Play, the Middle East's fastest growing Payment Service Provider in Middle East, and Integrated Networks (INET), the leading KSA virtual network operator, announced today a strategic partnership and investment by INET in order to expand into the KSA and other online and mobile payment markets.
Gate2Play's solution, HyperPay, is a state of the art product that covers online, mobile and Mobile Point of Sales (mPOS) transactions provided by Payon, one the top payment technology providers in the world.
INET currently manages over 90% of the Point of Sales (POS) business in KSA and this partnership will be aligned with INET's strategy to expand into mPOS and online payment by leveraging its strong relationship with the banks and merchants in KSA.
"The combination between HyperPay's state of the art payment solution, and INET's experience and connections in the Saudi market will give us the lead to serve the Saudi local market and to expand into other markets smoothly", said Muhannad Ebwini, CEO of Gate2Play.
INET CEO Faisal Al Faisal also commented that "the investment in Gate2Play, given INET's current size and position in the Saudi payment sector, is aligned with its strategy to expand into the various electronic payment systems. INET is also looking to develop and offer a number of new payment services to the Saudi market by collaborating with its regional and international partners".
Gate2Play is backed by venture capital firm Middle East Venture Partners (MEVP) and Accelerator Technology Holding (ATH).
-Ends-
About Gate2Play (www.gate2play.com)
Founded in Amman, Jordan in 2010, Gate2Play is the Middle East's fast growing payment service provider. Gate2Play provides its clients with exclusive online, and mobile payment gateway services.
About INET (www.inet.net.sa)
Established in 2001, Integrated Networks Company LLC (INET) is a leading virtual network operator headquartered in Riyadh, Saudi Arabia with branches located in Jeddah and Khobar. The company is owned and run by a group of prominent Saudi investors with extensive knowledge and experience in the Information and Communication Technology (ICT), with a focus on managed services. INET makes every effort to deliver highly innovative and cost effective services by capitalizing on 4 main pillars: People, Process, Technology and Innovation.
About Middle East Venture Partners (MEVP) (www.mevp.com)
Middle East Venture Partners (MEVP) is a leading MENA focused venture capital firm that invests in the early and growth stages of innovative companies run by talented entrepreneurs primarily in the GCC and Levant regions. With offices in Beirut, Dubai and Silicon Valley and $100 million in Assets Under Management, MEVP is the pioneer and largest independent VC firm in the MENA region, with clear cross border investment appetite. MEVP has invested in over 25 Technology companies since 2010.
Contact at Gate2Play
Muhannad Ebwini
CEO
info@gate2play.com
Contact at INET
Faisal Al Faisal
CEO
info@inet.net.sa
Contact at MEVP
Walid Mansour
Managing Partner
info@mevp.com
© Press Release 2015
