Saudi FinTech Nqoodlet Raises $3M to Revolutionize Financial Operations for SMEs

Saudi FinTech Nqoodlet Raises $3M to Revolutionize Financial Operations for SMEs

Saudi Arabia is witnessing a significant shift in the FinTech landscape, particularly with the emergence of innovative companies like Nqoodlet. This Saudi-based FinTech firm has recently secured $3 million in seed funding, aimed at enhancing its integrated financial operating system tailored specifically for small and medium-sized enterprises (SMEs).

Details of Nqoodlet’s Funding Round

The funding round was led by Waad Investment and attracted participation from notable investors such as OmanTel, 500 Sanabil Investment, Oqal, Seed Holding Company, and various strategic angel investors. This investment marks a crucial milestone for Nqoodlet as it aims to strengthen its service offerings across Saudi Arabia and the broader MENA region.

Comprehensive Solutions for SMEs

Nqoodlet is designed to streamline financial operations for SMEs by providing a digital platform that encompasses:

  • Smart Corporate Cards
  • Automated VAT and Accounting Tools
  • Open Banking Integrations
  • An Open Marketplace of Services

These tools are specifically tailored to meet the unique needs of SMEs, helping them achieve operational efficiency and real-time financial control.

Future Plans and Innovations

With the newly acquired funding, Nqoodlet plans to:

  1. Advance product development
  2. Enhance its infrastructure and strategic partnerships
  3. Expand its team of experts

The company is also exploring direct integrations with open banking systems, implementing automated tools for accounting and VAT, and leveraging AI for financial analysis and planning tailored to SME requirements.

Impact on SMEs

So far, Nqoodlet has supported over 600 businesses, helping them save more than 80 million SAR in operating costs through automation and effective spend management strategies. The CEO and co-founder, Mohamed Milyani, stated, “SMEs here are not just underserved — they’ve been overlooked for too long. Nqoodlet is changing that.”

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Investor Insights

Yasser Alghamdi, Chief Investment Officer at Waad Investment, remarked on the potential of Nqoodlet, emphasizing that the company is not only developing a product but is also paving the way for a new future in financial technology. He highlighted the leadership of Mohamed Milyani and Yara Ghouth in transforming challenges faced by SMEs into advanced, user-friendly solutions.

To learn more about how Nqoodlet is revolutionizing the FinTech space, visit their official website at Nqoodlet.

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