HyperPay
An online payment gateway for stores that accepts mada, Visa, Mastercard and Apple Pay, with expense cards for companies
HyperPay is an electronic payments company based in Riyadh. It has processed payments since 2014 and received a license from the Saudi Central Bank in 2025, and Mastercard led a SAR 138 million round in it in 2022.
What does HyperPay do?
HyperPay offers a payment gateway that an online store installs to accept mada, Visa, Mastercard and Apple Pay, along with invoicing, transfers, fraud prevention and mobile payments. It started in Jordan and then moved its headquarters to Riyadh, and in January 2025 it received a license from the Saudi Central Bank for digital payment services. In 2023 it announced a plan to list on the Saudi market within two years, but it has not listed, and in 2026 it launched HyperSpend, a corporate expense card platform, in cooperation with Mastercard.
Products
A payment gateway for online stores and apps that accepts mada, Visa, Mastercard and Apple Pay
A platform for managing company expenses with virtual and physical prepaid cards and defined spending rules
A service for issuing and collecting invoices
Key features
- Accepts mada, Visa, Mastercard and Apple Pay
- Recurring payments and card saving
- Fraud prevention tools
- Tap-to-pay on the phone through HyperTap
- Expense cards for companies
- Founded in Jordan and moved its headquarters to Riyadh, with most of its team in Amman until 2019
- It announced a plan in March 2023 to list on the Saudi market within two years, and it had not listed as of October 2026
- Its investors include the government-owned Saudi Venture Capital Company, since the 2019 round
- Its valuation has not been disclosed
The documentary
Every time you pay online with mada or Apple Pay, a company in the background gets your money to the store.
Follow the channel so you don’t miss itFunding rounds
| Round | Date | Amount | Lead | Investors | Source |
|---|---|---|---|---|---|
| Series B | May 2022 | $36.8M | Mastercard | Mastercard, Amwal Capital Partners, AB Ventures | Source |
| Growth | December 2019 | Undisclosed | Mad'a Investment | Mad'a Investment, Saudi Venture Capital Company, iNet, MEVP | Source |
Key investors
Founders
Common questions about HyperPay
Who founded HyperPay?
It was founded by Muhannad Abwaini, a software engineer who worked in payments and e-commerce.
Is HyperPay licensed in Saudi Arabia?
Yes. In January 2025 it received a license from the Saudi Central Bank for digital payment services.
How much has HyperPay raised?
The largest disclosed round was SAR 138 million (about $36.8 million) in 2022, led by Mastercard. It was preceded by a round of undisclosed size in 2019.
Has HyperPay gone public?
No. It announced a plan in 2023 to list within two years, and it had not listed as of October 2026.