Omnispay Secures $1.5M Investment to Accelerate Digital Payments Adoption for SMEs in the GCC
UAE-based FinTech company Omnispay has made headlines by securing an impressive $1.5 million in seed funding. This investment is set to revolutionize the SME payment landscape in the Gulf Cooperation Council (GCC) region by providing an all-in-one payment platform tailored for small and medium enterprises.
Funding Details and Objectives
The recent funding round was spearheaded by Mercatus Capital, a venture capital firm based in Singapore, with support from various regional and international investors, as reported by Zawya.
Omnispay aims to fill a critical gap in the B2B payments sector of the GCC, where digital adoption is currently under 5%. Despite this, the market presents an annual opportunity exceeding $1.5 trillion.
Platform Features and Benefits
Omnispay’s innovative platform combines essential financial services including:
- Collection solutions
- Payment processing
- Borrowing options
This integration enables SMEs to enhance their cash flow management and significantly lower transaction costs.
Expansion Plans with New Investment
With the newly acquired capital, Omnispay is poised to:
- Accelerate its expansion efforts
- Enhance product features
- Scale operations effectively
- Develop multilingual digital payment solutions
These initiatives are aimed at addressing the diverse needs of SMEs in the UAE and the wider GCC region.
Rapid Growth and User Adoption
Omnispay has successfully onboarded over 1,600 businesses and boasts a remarkable growth rate of 40% month-on-month in processed payment volumes. Their mobile application is the first in the region to support multiple languages including English, Arabic, and Malayalam, expanding accessibility for businesses.
Notably, 40% of Omnispay’s customers are utilizing digital payments for the first time through their platform.
Leadership Insights
CEO and co-founder Vimal Kumar emphasized the significance of supporting SMEs, stating, “SMEs are the backbone of the GCC economy, yet they’ve been underserved by legacy financial tools.” He believes that by democratizing access to digital payments, Omnispay is contributing to regional economic growth.
Co-founder and COO Simanta Das expressed excitement about the seed funding, calling it a strong endorsement of their vision and market fit. He stated, “We are thrilled to welcome Mercatus Capital and our other investors who share our belief in empowering SMEs through accessible, multilingual, and intelligent payment solutions.”
For more information about Omnispay and their offerings, visit their official website.
