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- stc pay
stc pay Revenue, Valuation, Funding & Investors
stc pay is valued at $1.3B as of November 2020, a 4.8x multiple on its last reported $278M revenue.
Last stc pay valuation
$1.3B
Strategic investment · Nov 2020
Last stc pay funding round
$200M
Strategic investment · Nov 2020
stc pay revenue
$278M
Strategic investment · Nov 2020
Key investors in stc pay
About stc pay
stc pay is a Riyadh-headquartered digital wallet application and subsidiary of stc Group in Saudi Arabia. Aligned with Vision 2030, it enables secure mobile payments, money transfers, and merchant connections using stc's telecom network. The platform covers daily transactions for consumers and businesses, including bill payments and QR code scanning.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission
Revenue
$278M (Nov 2020)
Valuation
$1.3B (Nov 2020)
stc pay Valuation
stc pay is currently valued at $1.3B, based on its strategic investment round in November 2020.
The $200M round was led by Western Union.
stc pay valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2020 | Strategic investment | $1.3B | 4.8x |
stc pay Revenue
stc pay's latest recorded revenue is $278M, as of its strategic investment round in November 2020. At a $1.3B valuation, that implies a 4.8x revenue multiple.
stc pay revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2020 | $278M | $1.3B | 4.8x | Strategic investment |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
stc pay Funding History
stc pay has raised a total of $200M across 1 funding round.
stc pay funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2020 | Strategic investment | Western Union (lead) | $200M | $1.3B | stc pay, a subsidiary of Saudi Telecom Company (stc), is a digital wallet and mobile payment platform launched in late 2018, offering services such as peer-to-peer transfers, bank transfers, QR code payments at partner stores, utility bill payments, and international remittances powered by Western Union. It received a fintech license from the Saudi Arabian Monetary Authority and launched a Visa card for global payments. The company claimed 4.5 million users, positioning it as the largest mobile wallet in the MENA region, particularly popular among expatriates for money transfers and challenging traditional banks in Saudi Arabia. On November 22, 2020, stc pay raised $200 million from Western Union, acquiring a 15% stake at a post-money valuation of $1.33 billion USD (SAR 5 billion), marking it as Saudi Arabia's first unicorn. stc committed to injecting additional capital of 400 million riyals ($107 million) and up to 802 million riyals contingent on obtaining a digital banking license. Western Union, already partnering with stc pay since 2019 for international transfers, expanded their commercial agreement alongside the investment. The funds are intended to support stc pay's long-term expansion plans, including potential launches in the UAE, Kuwait, and Bahrain, and development of new digital payment services in the Gulf region. The transaction, subject to regulatory approval, was expected to close in Q1 2021. Prior funding included $26 million from stc in 2017 and $80 million in 2019, transitioning stc pay from a wholly-owned subsidiary to having two major stakeholders. |
Who has invested in stc pay?
1 investor has backed stc pay across its funding rounds, including Western Union.
Lead investors include Western Union.
stc pay Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free Trialstc pay Competitors
stc pay competitors include listed companies like PicPay and Kakao Pay, and private ones like DANA, Viva Wallet, Lydia and Tamara.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $205M | $1.2B | 0.5x | ||
| Private | - | - | $1.1B | - | ||
| Private | $51M | - | $1.7B | - | ||
| Private | - | - | $1B | - | ||
| Private | $360M | $52M | $1B | 2.8x | ||
| Publicly listed | $698M | $58M | $3.9B | 4.7x |
stc pay Public Comps
stc pay is still privately-owned, but its public comps include Fawry, PicPay, Deluxe, Wealthfront, Kbank, Agibank, Evertec, Superbank Indonesia, Forbright Bank and Worldline.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $166M | $73M | 6.8x | 5.2x | 15.4x | 9.6x | |||
| $1.2B | $205M | 1.0x | 0.5x | 6.0x | 3.8x | |||
| $2.1B | $379M | 1.2x | 1.2x | 6.7x | 5.6x | |||
| $365M | ($93M) | 4.3x | 4.2x | (17.0x) | 9.9x | |||
| $461M | - | 3.5x | 4.2x | - | - | |||
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $932M | $330M | 3.0x | 2.7x | 8.6x | 6.8x | |||
| $89M | - | 10.8x | - | - | - | |||
This data is available for Pro users. Sign up to see all stc pay competitors and their valuation data. Start Free Trial | ||||||||
Common questions about stc pay
| When was stc pay founded? | stc pay was founded in 2018. |
| Where is stc pay headquartered? | stc pay is headquartered in Riyadh, Saudi Arabia. |
| Is stc pay publicly listed? | No, stc pay is a private, VC-backed company. |
| What is stc pay's valuation? | stc pay was last valued at $1.3B in its strategic investment round in November 2020. |
| How much funding has stc pay raised? | stc pay has raised $200M across 1 funding round. |
| What was stc pay's last funding round? | stc pay's last funding round was a $200M strategic investment round in November 2020, led by Western Union. |
| Who are stc pay's investors? | stc pay's investors include Western Union. |
| What is stc pay's revenue? | stc pay's latest recorded revenue is $278M (November 2020). |
| What is stc pay's revenue multiple? | stc pay's latest valuation implies a 4.8x revenue multiple ($1.3B valuation on $278M of revenue). |
| Which companies are comparable to stc pay? | Companies comparable to stc pay include PicPay, DANA, Viva Wallet, Lydia, Tamara and Kakao Pay. |
See companies similar to stc pay
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