Nearpay Ventures into U.S. Market with Contactless Payment Solutions

Malaz Madani

Last updated 1-07-2025

3 min

Nearpay is the first Saudi fintech startup to expand into the US, offering contactless payments.

Their smartphone-based solution could thrive as over 80% of US in-store transactions are contactless.

Co-founder Mohammad Aleban aims to provide cost-saving, technology-driven payment solutions for US businesses.

They achieved PCI CPoC certification, processed 40 million transactions, and raised $14 million in funding.

Nearpay’s expansion aligns with Saudi Arabia's Vision 2030, promoting global growth of innovative, local businesses.

When I first heard that Nearpay is taking its fintech prowess stateside, truth be told, I was pretty chuffed to bits. Startups from our region making waves beyond the MENA borders is something we at Arageek get rather pleased about—and it’s now officially happened again with Nearpay becoming Saudi Arabia’s first payments fintech to expand into the United States.

Led by co-founder Ali Mroueh, Nearpay is bringing its innovative contactless payment solution—which turns smartphones into tap-and-go payment terminals—to compete directly in one of the most card-happy markets in the world. And believe it or not, over 80% of all in-store card transactions in the US are already contactless, so the timing seems pretty spot on to me. If Nearpay can make it there, as they say, it can probably make it anywhere.

“Our goal is to deliver the highest local and global technological value,” commented Nearpay co-founder Mohammad Aleban on X (formerly Twitter for anyone still a bit confused by the name change). He emphasised how the startup plans to leverage its technology—built and proven on home turf in Saudi Arabia—to provide cost-saving, hardware-light payment solutions that US businesses are increasingly hungry for.

And to be fair, Nearpay has built quite the track record already. In 2024 alone, the company managed to process over 40 million transactions—no mean feat by any stretch. They've also earned a Payment Card Industry (PCI) CPoC certification, allowing merchants to accept major card brands like Visa, Mastercard, and American Express without the headache (or cost) of traditional payment terminals. Add to that a significant Series A fundraise of $14 million led by Sanabil Investments last December, and they seem poised to give established players like Square, Stripe Terminal, and Clover a run for their money.

If you ask me, I reckon the American entry is about more than just getting a share of the US market pie. It ties very neatly into Saudi Arabia's Vision 2030 ambitions—to diversify exports beyond oil and amplify innovative, home-grown businesses on a global stage.

On the flip side, expansion into a highly competitive, mature market could be a tough nut to crack. But targeting smaller merchants and local service providers who prefer to ditch bulky payment hardware in favour of smartphone simplicity is a savvy move; it's a significant niche where Nearpay could actually shine and quickly build a foothold.

Well... I mean, Nearpay’s US foray highlights an exciting trend—MENA startups taking their innovations internationally and, fingers crossed, paving the way for more companies across the region to follow suit. Here at Arageek, it's exactly the kind of success story we love to see inspiring more entrepreneurs to think bigger and bolder.

After all, who doesn’t appreciate a gutsy underdog venturing into new waters, eh? (Oh, and forgive my spelling slip—definately one typo creeped in somewhere you know?). Hats off to Nearpay for setting out on what looks like an exciting adventure ahead.

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