EdfaPay Raises $5M Pre-Series A for SoftPOS Payment Solutions

EdfaPay announced a $5M pre-Series A funding round led by OmanTel Innovation Labs, as reported in a fintech funding round-up on November 22, 2024. EdfaPay specializes in softPOS technology, which transforms standard mobile devices into payment acceptance terminals, eliminating the need for dedicated point-of-sale hardware. This embedded payment infrastructure model aligns with BaaS principles by enabling merchants to accept payments through software-based solutions integrated into existing devices.

OmanTel Innovation Labs, the innovation arm of Oman's telecommunications provider, led the round, reflecting a convergence of telecom and fintech infrastructure in the MENA region. The funding will support EdfaPay's platform development and merchant acquisition efforts. SoftPOS technology represents a growing category within embedded payments, lowering barriers to payment acceptance for small and mid-sized merchants.