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Riyadh-based FinTech and expense management platform NQOODLET has raised $1M in their Pre-Seed round led by the Angel Investor Yaser Alghamdi with the participation of the Saudi Venture Capital Company (SVC). The round also included the participation of OMQ investments.
Founded in 2021 by Mohamed Milyani and Moayed Alsowayegh. NQOODLET provides a digital platform targeting allowing SMEs to manage their expenses, purchases, and register bills directly into one consolidated platform through the corporate cards given to the employees.
As recorded in our Q3 2021 EVM FinTech Venture Investment Report MENA-based FinTech startups raised more than double the amount of capital by Q3 2021 than full year 2020. A 10-deal dip in overall transactions garnering a 100% YoY growth in funding meant funding rounds backing FinTech in MENA have been observing larger ticket sizes. By Q3 2021 online payment solutions and financial structuring services have been a hot target for VC investors across MENAPT as observed in FinTech Funding Rounds 2021 YTD. Of which, startups like BPL platforms Tabby (UAE) and Colendi (Turkey) raising major rounds this year. In parallel to setting the payment infrastructures that push forward with cashless and flexible payment processes, FinTechs like BitOasis, Sarwa, and most recently Fintech Galaxy, and Tarabut Gateway have raised rounds this year to explore the worlds of Cryptocurrency, Open Banking, and Digital Investment.
The idea originated from a market need, where small and medium enterprises cannot obtain corporate cards quickly, and even if they do; controlling and monitoring the spending limit on corporate cards is complicated, potentially resulting in much financial reconciliation & legal issues as well as a struggle with budgeting and checking expenses. Hinting on NQOODLET’s core differentiators Mohamed Milyani, founder and CEO commented “we want to make this process pain-free for our clients by providing virtual and physical corporate cards for several uses, like direct purchases, online payments, and travel expenses, with which they can simplify the expense management operation” NQOODLET users can have real real-time visibility overall transactions, advanced reporting, automatic expense categorization and individual statements for each card user. This will guarantee full control over spending limits & make expense reconciliation a fully automated process.
The Saudi-based FinTech looks into utilizing its newly acquired funds to build its infrastructure, launch its card and platform, and help businesses spend smarter. As of 2020 there are around 600K SMEs in the Saudi Market generating about $89Bn Revenue and employing 8M employees1. “We can capitalize on this number to serve the employee company's expenses like travel expenses and pocket money and even reach an employee card for salaries,” Milyani concluded in light of this platform-launching investment.
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