Riyadh -  HyperPay, the biggest payments services provider in the MENA region, has acquired Saudi fintech company Sanad Cash as part of developing HyperPay’s payment solutions in the region, according to a press release.

The takeover deal is expected to strengthen HyperPay’s profile as a whole payment gateway across the MENA region while helping in simplifying and automating financial transactions for both individuals and corporations.

The two entities will jointly work in the next few months on integrating Sanad Cash services into HyperPay’s system.

Founder and CEO of HyperPay, Muhannad Ebwini, said: “This acquisition perfectly aligns with our strategic vision of providing a complete range of digital payment solutions, covering issuing and acquiring services, to our esteemed customers. By joining forces, we aim to deliver a more comprehensive and streamlined solution to corporate clients in the region.”

Ebwini added: “Leveraging Sanad Cash's expertise in expense management, we are confident that we can enhance our tools and services, simplifying financial operations for businesses of all sizes. This synergy will enable HyperPay to cater to a wider spectrum of customer needs, offering a unified and convenient platform for various digital payment requirements.”

Meanwhile, Mahmoud Iswiad, the Founder and CEO of Sanad Cash, commented: “Our shared goal is to build a holistic and dynamic digital payment ecosystem that addresses the ever-changing demands of our users. Sanad Cash has earned acclaim and confidence for our cutting-edge and secure expense management solutions.”

It is worth mentioning that HyperPay announced last March a plan to grow its business in Saudi Arabia by going public through an initial public offering (IPO) within the next two years.

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