Encore Pay, a company based out of UAE, announced today that it has closed $1.5 million with GreenHouse Capital (GHC) leading its Seed round.
Encore Pay offers PAYdirect, a modular platform to neo banks, fintechs, conventional banks, telecom, and other payment services companies. Encore Pay is already serving customers in four continents and has enabled them to set up and grow their businesses with minimum time to market using its platform.
With this round, Encore Pay plans to rapidly expand in its target markets across the MEA region, and also plans to enrich its platform, which supports neo banking, wallets, BNPL, digital on-boarding, merchant payments, and kiosk management.
Encore Pay claims to offer a ready platform and a full-stack SaaS offering for customers to run their financial services, with quick go-to-market.
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 said,
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.
Bunmi Akinyemiju, Partner at GreenHouse Capital commented,
We have worked with startups and founders across Africa and now 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.