HyperPay has announced that it is going public through an initial public offering (IPO) in Saudi Arabia within the next two years as part of its expansion plan in the country’s fintech market.
The payments services provider aims to become the preferred payment tool for various top organisations across the world by diversifying its products and service offerings. Serving as a one-stop solution that meets all the financial requirements and interests of customers, HyperPay further intends to offer a broad spectrum of financial services and products as part of its expansion plans, beyond payment services. It further aims to assist robust economies such as Saudi Arabia in facilitating the switch towards a cashless economy. By doing so, the company further strives to establish the MENA region as a leading cashless ecosystem that caters to the requirements and interests of customers.
Muhannad Ebwini, Founder and CEO of HyperPay stated: “Saudi Arabia is an important market especially since the fintech sector in the country is currently experiencing remarkable growth. We are committed to expanding our services beyond payments to provide a broad spectrum of financial services and products across the MENA region, particularly Saudi Arabia. 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. At HyperPay, our primary objective is to position the MENA region as one of the leading cashless ecosystems that meets all the financial needs and interests of customers. We are developing and expanding our product lines, addressing the changing needs of our customers across all sectors and resolving any difficulties that businesses face while adopting digital payment models.”
According to US Expert Market Research, the global fintech market was estimated to be USD 136 billion in 2021 and is expected to expand to almost USD 266.9 billion by 2027, experiencing a compound annual growth rate of 12.1 percent.
HyperPay aims to satisfy the various needs and demands of the evolving fintech sector in Saudi Arabia, where the industry is projected to grow dramatically in the coming years. Furthermore, as customers around the world increasingly depend on digital platforms for purchasing, eCommerce will also expand, enabling exceptional customer experiences made possible by streamlined and seamless payment options. In addition to payment processing, HyperPay also provides a wide range of other products and services to its merchants, such as risk and fraud management, tracking systems, installment, and invoicing systems.
Recently, the company raised SAR 138 million in a funding round led by Mastercard with investments from Amwal Capital Partners and AB Ventures. This funding round served as the beginning of a strategic business partnership that will support the company’s efforts to grow regionally and expand its product offerings. The new funding will further assist in the growth of the company and its IPO, as well as its expansion into Egypt, Bahrain, Iraq, and Oman.
The company currently serves more than 5,000 merchants in seven different countries and is one of the top-five payment providers in the MENA region that contributes to the emergence of cashless societies. It also provides companies, governments, and small and medium-based enterprises (SMEs) with cutting-edge technologies to assist them in transitioning from cash-based payments to an improved and seamless ecosystem. With its headquarters in Riyadh, HyperPay has offices in Jordan and the UAE.