HyperPay targets Saudi expansion with IPO in two years
HyperPay 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. Recently, the company raised SAR 138 million in a funding round led by Mastercard that 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 intends to offer a broad spectrum of financial services and products beyond payment services as part of this expansion. It is striving 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 Hyper Pay stated, “Saudi Arabia is an important market especially since its fintech sector 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.”
The global fintech market attained a value of more than USD 194.1 billion in 2022 and expected to grow in the forecast period of 2023-2028 at a CAGR of 16.8 percent to reach over USD 492.81 billion by 2028.
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. 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.
The company currently serves more than 5,000 merchants in seven different countries in the MENA region that contributes to the emergence of cashless societies. With its headquarters in Riyadh, HyperPay has offices in Jordan and the UAE.