RIYADH: EdfaPay, a Saudi-based fintech startup that helps companies use their smartphones for payment, has raised $1.6 million in a pre-seed round led by investment platform Nuwa Capital. The funding will allow EdfaPay to achieve its market-entry goals by launching its financial services across the Kingdom. Founded in 2022 by Ghormallah Alghamdi and Nedal Sabbah, EdfaPay uses NFC technology to allow companies to collect payments through smartphones, without the need for traditional point-of-sale software. Other angel investors invested in the round along with InspireUs VC and Wallan Investement Group.