UAE-based financial technology (fintech) startup Foloosi has raised $500,000 in seed funding from existing investor Rasheed Alfalasi along with new investor Mohammed Alsuwaidi.
Founded in 2018, Foloosi aims to facilitate consumer-to-business card payments by enabling businesses to display QR code and share payment links and API integrations that make it possible to accept card payments without the need for a point of sale machine.
Foloosi’s chief executive officer (CEO) Omar Bin Brek said that the company will target all of the GCC countries for growth, with plans to launch in Saudi Arabia soon.
The company claims its transaction volumes have been growing at more than 40 per cent month-on-month and achieved more than Dh1 million in revenue at the end of July 2019. Foloosi has over 300 businesses signed up to accept card payments and more than 2000 users paid through its platform since its launch earlier this year, which supports more than 150 currencies.
In June this year, Foloosi raised a pre-seed fund from Angel fund investor Rasheed Alfalasi.
“With the support of our strategic investors, we are accelerating the development of our product further in this digital world,” said Mohan K, chief technology officer (CTO) at Foloosi.