Vapulus, a mobile payment service provider, launched its second financing round to attract investments targeting $3m to finance its operations in Arab markets in the coming months.
The start-up company has collected investments of $300,000 in its first round of financing, from one of the largest venture capital funds operating in the Arab world, which enabled Vapulus to develop its mobile payment application to compete globally starting from the Middle East markets.
Abdel Rahman Al Sharawi, co-founder and CEO of Vapulus, said that his startup company has doubled its market value by offering a global patent for their e-application. The application enables customers to make all payments for their e-purchases, shops, restaurants, and other service bills via mobile.
He added that they have a team of innovators who created an integrated application that meets all the user’s needs identified by Vapulus based on a serious market research on customers and business partners, banks, restaurants, and service providers.
Al-Sharawi said that his company plans to operate in three Arab markets, including Egypt, Bahrain, and Jordan, having promising growth opportunities, stressing that Vapulus contributes to the Arab countries’ strategy of financial inclusion. In addition, the establishment of the Supreme Council of Payments in Egypt paves the way for the startup companies operating in the financial technology sector.
Vapulus is one of the first companies in the Arab world to receive the PCI DSS Compliance certificate, which ensures banks that the application implements the highest standards of security.