Jordanian payments startup Madfooat.com raises $2.3 million in bridge funding

Jordanian payments startup Madfooat.com has raised $2.3 million in bridge funding, Jordanian publication Roya News reported today. The investment came from Arab Palestinian Investment Company, an investment holding company with investments in many sectors including manufacturing, trade, distribution and service across different markets including Palestine, Jordan, Saudi Arabia, and UAE.

Founded in 2011 by Nasser Saleh, Madfooat.com through its different solutions make it easy for consumers in MENA MENA to pay their bills online through web or mobile.

The startup has partnered with different banks and billers in Jordan who use its real-time electronic bill presentment and payment (EBPP) solution to provide a smooth payment experience to their customers and shorten their collection cycles.

eFawateer.com, a platform established as a result of a partnership between Madfooat.com and Central Bank of Jordan has processed over 6 million invoices valued at USD 4.3 billion, according to information available on Madfooat’s website.

Mafooat.com aims to use the investment to expand to Palestine and Oman, and further develop its technology and products, their founder & CEO Nasser Saleh told MENAbytes.

“This round is important as it will help the company to expand especially in Palestine and the new investor APIC is a very well established company with strategic business relations in Palestine and the region,” said Nasser.

He further added that APIC mainly invested as they are very interested in Madfooat.com’s business model in Jordan and want to help them with their expansion.

Madfooat.com has previously received investment from different Jordanian banks including Capital Bank, Cairo Amman Bank and Bank al Etihad.

Update (Apr 1 – 8 PM GMT): The story was updated with information about eFawateer.

Update 2 (Apr 2 – 5:20 AM GMT): The story was updated to include a comment from Madfooat.com’s CEO Nasser Saleh.

H/T: Ala’ Alsallal