Nearpay Becomes First Saudi Payments Fintech to Expand Into the US
Nearpay has entered the United States, the company’s first expansion beyond Saudi Arabia, as it seeks to scale its contactless-payments tech and compete in the world’s largest card market.
Saudi-based payments infrastructure company Nearpay has officially launched operations in the United States, becoming the first Saudi fintech to establish a presence in the American market.
The move is being led by co-founder Ali Mroueh with technical oversight from partner Hamzah Al Ghamdi. Nearpay plans to bring its “tap-to-phone” technology - software that turns any smartphone into a contactless point-of-sale - into a market where more than 80% of in-store card payments are already contactless.
“Our goal is to deliver the highest local and global technological value,” co-founder Mohammad Aleban said on X, adding that the company will leverage its Saudi-built tech stack to meet US demand for streamlined, hardware-light payment solutions.
Nearpay’s expansion follows a string of regional milestones: the company processed over 40 million transactions in 2024 and secured Payment Card Industry (PCI CPoC) certification, allowing merchants to accept Visa, Mastercard, and American Express payments without traditional terminals. In December 2023, Nearpay raised $14 million in a series A funding round led by Sanabil Investments.
By entering the US, Nearpay joins a competitive field that includes Square and SoftPOS providers like Stripe Terminal and Fiserv’s Clover. Management says the company will target small retailers and service businesses looking to cut hardware costs while adding multi-currency acceptance.
Nearpay’s US launch underscores a broader trend of Gulf fintechs looking to export home-grown solutions. It also aligns with Saudi Arabia’s Vision 2030 goal of boosting non-oil exports and positioning local tech champions on the global stage.
