Saudi Arabia’s HyperPay acquires fintech start-up Sanad Cash
HyperPay, the largest payment services provider in the Middle East and North Africa (MENA) region, has acquired Saudi fintech start-up Sanad Cash for an undisclosed sum.
Sanad Cash founder and CEO Mahmoud Iswiad (left) and HyperPay founder and CEO Muhannad Ebwini (right). Image source: HyperPay.
Founded in 2021, Sanad Cash offers a spend management platform for corporates that enables users to streamline and automate their expense management processes.
Riyadh-based HyperPay was founded in 2010 and launched in 2014. Its offerings include mobile payments, e-commerce solutions and prepaid cards. It currently serves more than 5,000 merchants in seven countries and provides companies, governments and SMEs with payment technologies.
With the acquisition, the paytech firm is aiming to expand its product offerings as it looks to become an “all-in-one” digital platform. Over the coming months, HyperPay will integrate Sanad Cash into its portfolio of solutions and offer it out as a white-label service for other fintech firms.
Muhannad Ebwini, founder and CEO of HyperPay, says the acquisition “perfectly aligns with our strategic vision of providing a complete range of digital payment solutions, covering issuing and acquiring services”.
Ebwini adds that by leveraging Sanad Cash’s “expertise in expense management”, the company can “enhance our tools and services, simplifying financial operations for businesses of all sizes”.
