DREAMING BIG

Fresh from securing $36.7 million in new funding, Muhannad Ebwini, Founder and CEO of Saudi’s HyperPay, is now looking at regional expansion. New products and a potential IPO are on the horizon.

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In June 2022, Saudi Arabia-based payment gateway HyperPay confirmed its latest round of funding. Led by Mastercard, with participation from Amwal Capital Partners and AB Ventures, the deal saw HyperPay secure $36.7 million to fund its expansion, bringing its total funding raised to $55 million. For the founder and CEO, Muhannad Ebwini, this is just the beginning. “Our plan is to go public through an IPO in two years in Saudi Arabia,” he says with confidence.

Established in 2015, HyperPay provides ecommerce businesses with a range of online payment solutions, including merchant cash advances, B2B systems, card issuing, and open banking. Recent years have witnessed impressive growth. In 2021, it executed 112 million transactions worth a total of $4.7 billion, compared to 79 million transactions totaling $2.4 billion in 2020. Headquartered in Riyadh, the company also has offices in Jordan and the U.A.E. The new funding is earmarked to help the company expand into Egypt, Bahrain, Iraq, and Oman, as well as take it public. “We were looking for strategic investors, not cash investors,” explains Ebwini. “We were looking for someone who can help us in the products side and has the know-how and support in the market.”