EdfaPay, the Saudi FinTech, has raised $1.6 million in a funding round, a press release says.
EdfaPay, established in 2022 by founders Ghormallah Alghamdi and Nedal Sabbah, works on helping easily collect payments with smartphones.
The service comes without the need to make use of legacy point-of-sale or other physical payment devices.
The company is looking to debut financial solutions in the Saudi market, targeting small and midsize companies.
The report says EdfaPay solutions will let business owners collect payments from anywhere, even locations where legacy POS solutions can’t be deployed.
Businesses like field agents, direct sales, small stores, shipment agents, food delivery, temporary bazaars, and many others will be able to expand their businesses faster with no physical boundaries.
Ghormallah Alghamdi, according to the report, said EdfaPay works on NFC technology, a fast-growing market trend all over the world, which now makes up 85% of the POS transactions.
“One of the main drivers behind adopting this new technology is the fact that the Saudi market has a great…
