Saudi Arabian fintech startup Nqoodlet has raised $3 million in seed funding to enhance a financial management platform for Saudi and other Gulf Cooperation Council (GCC) small and medium-sized (SMEs).
This is a funded round led by Waad Investments with the participation of Omantel, 500 Sanabil Investment, OQAL and Seed Holding among other strategic investors.
Nqoodlet, founded by Mohamed Milyani and Yara Ghouth, has come up with an all-in-one digital platform to simplify the financial operations of SMEs. Smart corporate cards, real time expense tracking, auto VAT filing and financial planning tools are the services provided by its platform. The aim of these services is to make available some level of clarity, control and efficiency over finances for SMEs.
Nqoodlet has so far catered to more than 600 SMEs in the region. According to its platform clients, they have up to 80 per cent improvement in efficiency and an average annual saving of SAR 200,000. Together all of these improvements have enabled more than SAR 80 million saved in expense management to its user base.
Nqoodlet’s new funds will be used to reinforce its banking infrastructure in Saudi Arabia and to enter other GCC markets. Apart from that, the company also plans to bring some additional product features like open banking integration, automated tax reporting and more advanced tools for financial planning.
Further key focus will be to create relationships with banks, mobile operators, and ecosystem partners in the market addressing SMEs. Along with that Nqoodlet also plans to invest in local talent, especially in technology, finance, and customer service roles to maintain further innovation and high quality support.
The overall aim of Nqoodlet is to lower the financial complexity and administrative hassle for SMEs. The company plans to help SMEs spend more time focusing their business to grow and less focusing on core financial operations in a platform that is centralised that include financial operations.
Nqoodlet’s latest round of funding puts it in a good position to grow its operations and become a major player in Middle East’s expanding fintech segment, particularly in giving out digital-first financial solutions specifically tailored for small businesses.
