• Saudi Arabia-based fintech HyperPay has acquired compatriot Sanad Cash. The value of the transaction was not disclosed. 
• Founded in 2010 by Muhannad Ebwini, HyperPay is a payment gateway that offers merchants a host of payment processing services, including risk and fraud management, monitoring systems, installments, and invoicing systems.
• The move aims to enable HyperPay to diversify its product offerings by integrating Sanad Cash’s solution into its platforms and services.
• Founded in 2020 by Sultan Alhugail, Mahmoud Iswiad, and Shorhabel Ghoneim, Sanad Cash offers its corporate clients a SaaS platform to help them track their spending and process on-demand payments for staff and others. The startup raised a $1.6 million round earlier last year.
• So far, HyperPay has amassed over $50 million in funding since its launch.

Press release

HyperPay, the largest and fastest-growing payments services provider in the MENA region, has announced the acquisition of Sanad Cash, the leading Saudi spend management fintech.

This strategic move aims to bolster HyperPay's service offerings and solidify its standing as a comprehensive all-in-one digital solution across the MENA region. Furthermore, it represents a significant milestone in HyperPay's mission to simplify and automate financial transactions for both individuals and corporations. The payments services provider will closely collaborate with Sanad Cash in the coming months to integrate their platforms and services.

Muhannad Ebwini, Founder & CEO of HyperPay, said: “We are thrilled to welcome Sanad Cash into the HyperPay family. 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. 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.”

By integrating Sanad Cash's services into its suite of fintech solutions, HyperPay will offer an even more comprehensive range of services. Moreover, these services will be available as a white-label solution, enabling other fintech companies to seamlessly incorporate Sanad Cash's expense management and issuing services into their own offerings.

Mahmoud Iswiad, founder, and CEO of Sanad Cash said: “This strategic acquisition represents a tremendous opportunity for both Sanad Cash and HyperPay to combine our strengths, expertise, and resources. 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. We have continuously aimed to streamline financial procedures, enhance transparency, and optimize effectiveness for individuals and businesses alike. With the support and synergies offered by HyperPay, we are thrilled to propel our vision to new heights and transform it into a comprehensive digital payment hub.”

With a strong commitment to customer satisfaction and technological advancement, HyperPay strives to simplify the digital payment experience, enabling seamless transactions across various industries. The company currently serves more than 5,000 merchants in seven different countries and is one of the top-five payment providers in the MENA region that contributes to the emergence of cashless societies. It also provides companies, governments, and small and medium-based enterprises (SMEs) with cutting-edge technologies to assist them in transitioning from cash-based payments to an improved and seamless ecosystem.

Founded in 2021 by a group of top-tier technology entrepreneurs from the region, Sanad Cash provides corporates with a user-friendly platform to streamline and automate their expense management processes. The company's expertise in this field will complement HyperPay's existing offerings, which include mobile payments, eCommerce solutions, and prepaid cards.