Sanad Pay wins Saudi payments licence and plans a Gulf-wide BNPL rollout

Sanad Pay, based in Riyadh, is the latest example of how fintech in Middle East is maturing. The $3.2 million deal puts the company among the better-funded players in its segment.

Sanad Pay will start with electronics and fashion retailers, offering four interest-free instalments on purchases up to SAR 5,000.

Why it matters

Investors across Asia have become more selective since 2023, backing companies that can show paying customers and a clear path to profit. Founders in Middle East told ASN that the bar for a new round now includes at least a year of steady revenue growth.

We built for the customer who was already paying, not the one we hoped would show up.

The company said it will use the next year to deepen its existing markets before expanding further.

The numbers

• Market: Middle East
• Headquarters: Riyadh
• Sector: Fintech
• Latest round: $3.2 million

What comes next

Competitors are watching closely, and at least two rivals are said to be in talks to raise fresh capital. ASN will keep tracking Sanad Pay and the wider fintech market in Middle East.

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