Jordan-based FinTech and digital invoicing service provider InvoiceQ raises its first funds after taking part in the first wave of the Ahli FINTECH Seed Accelerator program.
Time to make clear-cut decisions? Subscribe to our platform for dynamic real-time data at your fingertips.
Amman-based FinTech and E-invoicing service provider InvoiceQ has successfully raised $190K in its latest funding round. After taking part in the first wave of the Ahli FinTech Seed Accelerator program, the FinTech raised its Pre-SEED round from AHLI FINTECH, the financial technology and innovation incubator, accelerator, venture-studio arm, and wholly-owned subsidiary of Jordan Ahli Bank..
Co-founded by Fadi Aljabali, Amer Ayyad, and Muhannad Tobal, who bring with them over +50 years of combined technical and business experience in the FinTech domain, the InvoiceQ platform is designed to simplify, centralize, and enhance the entire invoice lifecycle. From issuance/receipt to collection/payment, the solution offers three standard subscriptions designed for freelancers and startups, SMEs, and large enterprises, as well as offering the option to customize the invoiceQ experience based on the modules and features the business may need. Existing enterprise solutions, such as ERPs, can be easily integrated with the invoiceQ platform via its API integration gateway, significantly reducing the cost and time for businesses to deploy digital invoicing.
As recorded in our MENA 2022 Venture Investment Report, the Jordan-based VC ecosystem was able to leave its mark on the map in 2021. Despite a 6% dip in total transitions year over year, Jordan ranked 4th in MENA by total deals and climbed a rank to also position 4th by total funding. While Jordan observed a 500% YoY growth in capital invested, what was most remarkable about the market was investor support for early-stage ventures. Early-Stage Deals (<$500K) accounted for more than 70% of all transactions in Jordan in 2021; which poses a healthy proportion compared to its peer venture markets like the KSA with a proportion of 33%, or Pakistan where Early-Stage deals accounted for less than 30% of all transactions in 2021. Driving the exceptional funding growth in funding where sizable investments ($20M+) in Jordan-baed HealthTech and dental liner producer Eon Dental, online classifieds platform OpenSooq, as well as EdTech and digital learning platform Abwaab.
Access our suite of Full Year 2021 Reports covering MENA, Africa, Pakistan & Turkey. Browse our latest and pick your data focus
Throughout the accelerator program, AHLI FINTECH worked closely with the dynamic InvoiceQ founding team, to accelerate their customer and product development journey, and build a scalable and sustainable business model to launch their platform. By Q1 2021, the startup launched their minimum viable product (MVP) with a variety of businesses in Jordan, ranging from large corporates to startups and small businesses, including both, sellers and buyers. By the end of that year, the company was officially listed by the Zakat Customs and Tax Authority (ZATCA) in Saudi Arabia as a qualified e-invoicing service provider and have since been successful in scaling their business in the Kingdom. As of Q1 2022, invoiceQ enables over 40 businesses ranging from different sizes and domains, in issuing more than 10k invoices with a total value of USD $170 million.
Ghassan Muasher, CEO of Ahli Fintech, added, “We believe in the tremendous benefits invoiceQ delivers to its users and the stakeholders in the ecosystem around it. Specifically, for the banking sector as a stakeholder, it enhances the abilities of Jordan Ahli Bank to extend credit facilities to finance buyers and sellers on the platform. That, in addition to the amazing technical expertise of the founding team, made the decision to invest in invoiceQ, and accelerate its growth, one that is aligned with our investment thesis.”
With specialization in the invoicing industry and the vision to make invoiceQ the go-to digital invoicing platform for the region, the startup has designed a seamless platform that works as a stand-alone and could integrate with current company systems. Businesses can easily apply their authority matrix using the highly adaptive workflow designer tool. Communications between buyers and sellers are no longer fragmented via emails and separate attachment documents. Instead, the communication mechanism is available directly via the platform, on a per-invoice basis, between different users of the organization, and directly between the buyer and seller. Multiple digital payment options are available for the seller to leverage, resulting in an improved payment experience for the buyers and a faster collection cycle for the seller. This had proven to be a much-needed capability during the launch of the platform, which coincided with the mass country-wide lockdowns.
InvoiceQ will be able to utilize its newly acquired funds to futher develop its proprietary technology and support its expansion efforts in the region. In light of this platform-boosting investment, Muhannad Tobal, Co-Founder and CEO of invoiceQ, expressed his appreciation for Ahli Fintech’s trust in the invoiceQ as he concluded, “To see our idea come to life, we had to find the right strategic investor. We needed an investor who would be a true partner, believe in us and our idea, open doors for us to access customers, and provide us with business and technical mentorship we need as first-time founders – not an easy task,” says Muhannad. “Ahli Fintech helped us accelerate our customer development and product-market fit validation to enable us to release a loveable product to the market in a very short period of time. We’re very blessed to have achieved the month-over-month growth we have since launching invoiceQ in the Jordanian and Saudi markets, and are bullish on the future growth prospects of our solution in the region.”
Looking to cash in on this startup landscape? Browse 1,700+ FinTech startups in EVMs