Encore Pay, UAE-based fintech, raises $1.5m Seed round

Encore Pay, UAE-based fintech, raises $1.5m Seed round 

By: Abu Dhabi SME Hub
News

The round was led by GreenHouse Capital (GHC).

UAE-based FinTech and Payment solutions provider Encore Pay has successfully raised  $1.5m in a Seed round backed by GreenHouse Capital (GHC). MAGNiTT reported.

Encore Pay offers PAYdirect, a modular platform to neo banks, fintechs, conventional banks,  telecoms, and other payment services companies. Encore Pay is already serving customers in 4  continents and has enabled them to set up and grow their businesses with minimum time to market using its platform. 

Encore Pay solves the pressing needs of its customers who need a ready platform and a full-stack SaaS offering to offer and run their financial services, with quick go-to-market. Partnership with Encore Pay saves them huge costs and redundant efforts, which can be reduced by using the Encore Pay platform. As part of its collaboration with Encore Pay, GreenHouse Capital shall also be using the PAYdirect platform for its neo bank and fintech businesses in MEA and North America, which highlights the capabilities offered by Encore Pay.

Imran Saeed, CEO, and Founder of Encore Pay, stated, “We are super excited to win the backing via an attractive balance of growth capital and partnership from a premier fintech VC who will bring expertise and new insights to support our growth. At Encore Pay, we want to empower our  customers with a scalable and modular platform.” 

With this round, Encore Pay plans to rapidly expand in its target markets in the MEA region, and also plans to enrich its platform, which supports neo banking, wallets, BNPL, digital onboarding, merchant payments, and kiosk management.  

Bunmi Akinyemiju, Partner at GreenHouse Capital concluded, “We have worked with startups and founders across Africa and now the Middle East for more than 10 years. We are quite impressed with the deep understanding and the platform offered by Encore Pay. Encore Pay is  poised to grow and we are happy to be a part of it.” 

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