MiSPay raises $145M Series D to scale flexible payments across MENA

MiSPay has closed a $145M Series D round at a $2.9B post-money valuation, led by Frontline Ventures and EastGate Capital, with participation from Summit Partners, Crescent Capital, and every institutional investor from the company's Series C.

It is the largest single raise in the company's history and brings total capital raised to $317M. The round closes as MiSPay passes 6.4 million registered shoppers and 41,000 active merchant locations across Saudi Arabia, the UAE, and Jordan.

Why now

Flexible payments moved from novelty to infrastructure in the region in under four years. Shoppers no longer discover instalments at the last step of a checkout page; they choose a merchant because the payment terms are clear before they add anything to a basket.

That shift changes what a payments company has to be good at. Approval decisions have to be instant and defensible. Merchant reporting has to be as detailed as the reporting a retailer gets from its own point of sale. Collections have to be gentle, predictable, and fully transparent.

• Scale: 6.4 million registered shoppers, up 71% year over year

• Coverage: 41,000 active merchant locations in three markets

• Reliability: 99.98% checkout availability across the last four quarters

• Repeat behaviour: 68% of orders now come from a returning shopper

Where the capital goes

Product

The next twelve months are focused on the two moments that decide whether a shopper stays: the first approval and the final payment. One-tap checkout is being extended to every supported merchant, and the instalment planner is being rebuilt so shoppers can move a due date once per plan without a fee.

Risk and compliance

A meaningful share of the round is committed to underwriting infrastructure — data quality, model monitoring, and the reviewer tooling that sits behind every manual decision. The goal is not looser approvals. It is fewer wrong ones in both directions.

Markets

MiSPay will open two additional markets in the next fiscal year, with regulatory groundwork already underway. Each launch follows the same sequence the company used in Jordan: licence first, a small cohort of anchor merchants second, and full availability only once collections performance is proven locally.

"We are not raising to buy growth. We are raising so that the boring parts of this business — approvals, disputes, settlement, reporting — are the best in the market. That is what merchants actually renew for."

What merchants should expect

1. Faster onboarding, with settlement live in under five business days

2. A consolidated growth dashboard replacing the current three separate reports

3. Category-level instalment plans that a merchant can configure without a support ticket

4. Shared campaign inventory inside the MiSPay app for partner merchants

Governance and responsible growth

Frontline Ventures will take one board seat, and EastGate Capital will join as a board observer. The company is also expanding its risk committee with two independent members, and will publish its first annual responsible-lending report before the end of the year, covering approval rates, late-fee incidence, and hardship outcomes.

MiSPay remains committed to products that are Shariah-aligned, free of compounding interest, and priced so that a shopper always knows the total cost before confirming an order.

About MiSPay

MiSPay is a regional payments company that lets shoppers split purchases into predictable instalments and helps merchants convert more of the demand they already have. Founded in 2021, MiSPay works with retailers across fashion, electronics, home, travel, and healthcare.

For press enquiries, contact press@mispay.co.