INFOGRAPHIC: Startup Funding in Africa and the Middle East

Saudi Arabian fintech startup EdfaPay lands $5M pre-Series A to fuel MENAP expansion
Egypt's home décor e-commerce platform Ariika closes $3M Series A equity round to accelerate growth
Egypt’s supply chain technology startup Qara pockets $2.6M investment fund to propel expansion plans
Egypt’s insurtech broker Amenli receives $2.3M in funds to boost service offering
UAE maritime fintech platform Shipfinex cash in $1.5M seed fund to drive growth
Nigerian edtech startup Lingawa gets $1.1M pre-seed funding to redefine language education in Africa
Saudi social network platform Bubbl raises $350,000 pre-seed to expand to the international market

Saudi Arabian fintech startup EdfaPay lands $5M pre-Series A to fuel MENAP expansion

EdfaPay, a Riyadh-based Saudi Arabian fintech platform raised a $5 million pre-Series A funding round led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment.

This achievement marks a significant milestone for the startup, building on its earlier $1.6 million pre-seed funding secured in February 2022.

Launched in 2022 by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay offers a comprehensive suite of financial tools tailored for startups, freelancers, entrepreneurs, and SMEs, which include SoftPOS technology for seamless transactions via smart devices, a secure payment gateway for e-commerce, and automated e-invoicing tools.

All these features are accessible through a unified, real-time dashboard designed to simplify financial management for businesses.

The newly raised funds will be instrumental in bolstering EdfaPay’s footprint within Saudi Arabia, supporting its expansion into the broader MENA region and Pakistan as well as enhancing its payment infrastructure in Oman as part of its growth strategy.