b2b-daily
Home | FinTech | Digital Lending / Digital Payments

How Will EdfaPay’s $5M Funding Boost SMEs in MENA and Beyond?

Avatar photo
by Mikhail Hamilton
November 26, 2024
How Will EdfaPay’s $5M Funding Boost SMEs in MENA and Beyond?

Imagine a bustling marketplace where small and medium-sized enterprises (SMEs) struggle to keep up with the increasingly digital demands of consumers. In this rapidly evolving landscape, keeping financial operations smooth and efficient can be a significant challenge. EdfaPay, a Riyadh-based FinTech platform specializing in digital payments for SMEs in the MENA region, has successfully raised $5 million in a pre-Series A funding round led by OmanTel Innovation Labs. Additional participation came from Aljabr MENA and Waad Investment. By offering a range of financial tools such as SoftPOS technology, a secure payment gateway, and automated e-invoicing, EdfaPay is helping to streamline and simplify financial management for businesses across the region.

This new funding will enable EdfaPay to solidify its presence in Saudi Arabia and extend its reach into the broader MENA region and Pakistan. Moreover, the company plans to enhance its payment infrastructure in Oman. CEO and co-founder Eng. Ghormallah Alghamdi has pointed out the significant international growth and attraction of new partners, thanks particularly to the SoftPOS technology. For SMEs, the ability to securely process transactions through smart devices and have access to a real-time dashboard for financial management can play a pivotal role in day-to-day operations and long-term growth. This is especially crucial in emerging markets where financial services are often less accessible.

The broader trend of increased investment in FinTech solutions reflects the critical need to support the growth of SMEs, especially within emerging markets. EdfaPay’s approach includes unifying various financial tools that cater to startups, freelancers, entrepreneurs, and SMEs under a single, user-friendly platform. This not only enhances efficiency but also opens up new opportunities for businesses to thrive by leveraging technological advancements. By focusing on enhancing its technology and expanding its partner network across Asia, North Africa, and the GCC, EdfaPay is poised to play a vital role in transforming how businesses handle their financial operations.

Business StrategyInvestingMoney ManagementStartup

Explore more

Is Your Marketing Ready for the AI Revolution?
February 19, 2026

The subtle, yet seismic, shift in digital landscapes means that a company’s most valuable customer is no longer found through intuition but is instead pinpointed by a complex algorithm working silently in the background. This transformation has moved beyond theoretical discussions and into the core operational mechanics of the global marketplace. For businesses striving for relevance and growth, understanding this

Is Your Worst Touchpoint Sabotaging Your Marketing?
February 19, 2026

Countless organizations dedicate substantial financial and creative resources toward crafting visually stunning and precisely targeted digital campaigns, yet many watch in dismay as potential customers vanish moments after the initial click. This abrupt departure is not a failure of attraction but a breakdown in experience. In the landscape of digital commerce, the bridge between a compelling advertisement and a successful

What Is the True ROI of Employee Engagement?
February 19, 2026

In the relentless pursuit of market advantage and financial stability, many organizations overlook the single most potent and renewable resource they already possess: the latent potential of their workforce. As businesses navigate a landscape of constant disruption, the prevailing wisdom often points toward external solutions for growth, such as new market entry or technological acquisition. However, a more sustainable and

AI Transforms Business Intent Into Network Reality
February 19, 2026

The sheer scale and dynamism of contemporary digital infrastructure, where thousands of devices across data centers and clouds must adapt in real-time, have rendered the traditional command-line approach to network management an exercise in futility. In its place, a new paradigm is solidifying, one where artificial intelligence acts as the central nervous system, translating high-level business objectives directly into the

Is Your Payroll Ready for the Coming Reckoning?
February 19, 2026

A storm is gathering on the horizon for Australian human resources professionals, threatening to capsize organizations that fail to navigate the turbulent waters of legislative change. For years, many have relied on a patchwork of outdated systems, manual processes, and siloed data to manage payroll and HR compliance, a practice that is rapidly becoming untenable. The impending shift is not