Hyperpay Taps Paymentology’s payment processing platform in Saudi Arabia

Sep 05 2023
Hyperpay Taps Paymentology’s payment processing platform in Saudi Arabia
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Hyperpay, the fastest growing online payment service provider in the MENAP region, founded by Muhannad Ebwini, is delighted to announce a strategic partnership with Paymentology, the global leading issuer-processor. The collaboration marks a significant milestone in Hyperpay's mission to become a one-stop payment solution for businesses, governments, and SMEs across the Middle East. 

Hyperpay and Paymentology are committed to delivering innovative payment solutions that align with the evolving needs of businesses and consumers. The Fintech industry in the MENAP region is expected to increase from $1.5 billion in 2022 to $4.5 billion in 2025, demonstrating the region's transition towards digital financial services. Hyperpay already offers a wide range of products and services to its customers, including payment processing, risk and fraud management, monitoring systems, instalments, and invoicing solutions, among others. With Paymentology's next-generation payments platform, Hyperpay will effortlessly connect to payment rails, create new payment products for its clients and leverage granular payment data to enhance its offerings.

Muhannad Ebwini, Founder and CEO of HyperPay, shared his view: "Hyperpay's pivotal role aligns seamlessly with Saudi Arabia Vision 2030, driving the nation toward a digital-first era. Our strategic vision to become a one-stop shop for all payment services is a direct response to the pressing needs of businesses and government agencies, who demand instant, user-friendly payments accessible from anywhere, anytime. Embracing a global outlook, we're proud to introduce a versatile offering tailored to both our regional dynamics and the stimulation of cross-border trade. Thus, our choice to partner with Paymentology, a leading global technology player, becomes paramount in this transformative journey."

Nauman Hassan, Regional Director at Paymentology, commented: "Paymentology is proud to be associated with Hyperpay's Saudi Arabia launch. With a strong foothold in the Middle East, particularly in the kingdom, where numerous fintechs and neobanks have sought our expertise in next-generation payments platforms, we're well-equipped to facilitate Hyperpay’s rapid business growth. We firmly believe that Hyperpay's introduction of advanced payment services aligns perfectly with the market's needs, and we eagerly anticipate a successful partnership."

Hyperpay is among the top-five payment providers in the MENA region, actively contributing to the shift towards cashless societies. The company recently secured $36.7 million (SAR 138 million) in funding through a round led by Mastercard, with investments from Amwal Capital Partners and AB Ventures. Hyperpay is only at the beginning of its journey and has ambitious plans to go public through an IPO in Saudi Arabia within the next two years. With a strong presence in Jordan and Saudi Arabia, Hyperpay is also set to expand its operations to Egypt, Bahrain, Iraq, and Oman as part of its ambitious growth plan.