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Saudi-based fintech company EdfaPay has raised 6 million riyals ($1.6 million) in a pre-seed round.
The funding round was led by Nuwa Capital, Wallan Investment Group and InspireUs, according to a statement.
Launched only this year, EdfaPay offers a solution that enables merchants to accept payments using a mobile phone instead of the traditional POS system, essentially transforming every NFC-enabled smartphone into a payment terminal.
The fintech firm founded by Ghormallah AlGhamdi, Nedal Sabahi Nedal and Veysel Baydogan, has also developed a suite of tools to help merchants access additional information post-payment, such as transactional and historical data that can be viewed via a dashboard.
The company is launching its payment processing solution on the heels of a wider transition towards software-based POS systems, which Nuwa Capital said is expected to witness a growth rate similar to Google Pay and Apple Pay.
“EdfaPay is going after the opportunity to cut cost and avoid technical hurdles for small-scale business and smoothly plug into digitised payments,” said Kholoud Almohammadi, venture partner at Nuwa Capital.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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