UAE's GlobalPay Strengthens Growth Plans with Recent Seed Funding Success

UAE-based holding company GlobalPay has successfully secured seed funding in a round held on September 1, 2024. While the exact amount of the investment remains undisclosed, it represents a pivotal moment for the company, which focuses on building digital payment platforms in high-growth, emerging markets.

Founded on July 1, 2023, by Tamer Hussien Shawer, GlobalPay operates as a non-bank payment facilitator and aggregator, primarily through its Egyptian subsidiary, MasrPay. MasrPay has rapidly gained traction in the Egyptian market, establishing itself as a leader in providing seamless and efficient payment solutions.

Riding on its success in Egypt, GlobalPay plans to expand into Saudi Arabia in 2024, aiming to replicate its business model and meet the growing demand for digital payment services in the region.

Headquartered in Dubai, GlobalPay is strategically positioned to serve the Europe, Middle East, and Africa (EMEA) region, with a particular emphasis on Gulf Cooperation Council (GCC) markets. The company is committed to fostering innovation in the FinTech space, addressing the evolving needs of both businesses and consumers in these dynamic markets.

The recent seed funding is expected to fuel GlobalPay’s expansion, particularly in Saudi Arabia, where the digital economy is growing rapidly. The investment will likely be directed towards enhancing the company’s technology, expanding market presence, and solidifying its position in the competitive FinTech sector.

With its success in Egypt as a foundation, GlobalPay is poised to become a significant player in the regional digital payments ecosystem.

Source: Rasmal