Madfooatcom

About Madfooatcom

Madfooatcom is a financial technology company established in 2011 by Nasser Saleh, headquartered in Amman, Jordan. The firm develops and operates real-time payment processing solutions, connecting banks and payment service providers with billers and merchants.

The impetus for the company's creation came from founder Nasser Saleh's personal frustration with the cash-based, queue-heavy process of paying utility bills after returning to Jordan from abroad. Saleh, an electrical engineering graduate from the University of Jordan, leveraged his extensive experience in the IT and banking sectors, including roles at Microsoft in the USA, Accenture in Saudi Arabia, and Al Rajhi Bank, to address this inefficiency. Seeing an opportunity to solve a widespread problem, he joined the incubator Oasis500 in 2011 to secure initial support and investment to launch the company.

A significant milestone occurred in 2014 when Madfooatcom won an exclusive tender from the Central Bank of Jordan to build, operate, and administer the country's national electronic bill presentment and payment (EBPP) service, known as "eFAWATEERcom". This platform, which went live in 2015, integrates the majority of banks in Jordan with hundreds of billers from government, utilities, telecom, education, healthcare, and other sectors. This public-private partnership became the official payment platform for the e-Government of Jordan, facilitating a shift from cash to digital payments.

Madfooatcom's business model is centered on a service fee charged per transaction, which is either absorbed by the biller or passed on to the customer. The company serves a wide range of clients including utilities, government entities, banks, mobile wallets, and e-commerce businesses. Through its platform, customers can inquire about and pay their bills 24/7 via multiple channels like online banking, mobile apps, and ATMs. The system benefits billers by accelerating payment collections and reducing operational costs, while customers gain convenience and save time. Beyond its core EBPP service, the company's product portfolio includes "Mad Vouchers" for online gaming and web platforms and the "MadPay Wallet" for money transfers.

The company has expanded its operations to other markets including Oman, Palestine, Egypt, Saudi Arabia, the UAE, and Morocco. It has attracted significant investment from strategic partners such as the Arab Palestinian Investment Company (APIC), various Jordanian banks including Capital Bank and Bank al Etihad, Egypt's Basata Holding, and the Social Security Investment Fund.