- UAE-based fintech startup Foloosi, has raised a $2 million (AED 7.4 million) pre-Series A funding round from Abu Dhabi-based angel investors.
- Founded by Omar Bin Brek in 2018, Foloosi enables cashless consumer-to-business (C2B) transactions.
- The startup plans to use the fresh funds to grow its regional footprint across the GCC, as well as expedite the launch of its “Tap on Phone” feature, a contactless payment technology that lets users pay by tapping their card on the seller's or merchant’s smartphone.
- The startup has recently partnered with payment gateway Visa, with plans to onboard MasterCard as well, aiming to enable debit/credit card use on the app.
Foloosi is establishing itself as an online payment enabler in the UAE, empowering SMEs to track, automate, and accelerate every aspect of sales and purchased transactions through a single platform.
Foloosi has raised $2 Million new Pre-Series A round of funding led by angel investors from Abu Dhabi. This Dh7.4 Million funding will assist Foloosi to work on launching our flagship “Tap on Phone” feature.
Foloosi has also partnered with Visa officially, and soon MasterCard, to offer this innovation in the market in partnership with local financial institutions.
Foloosi “Tap on Phone” contactless payment technology lets users pay just by tapping their card on the seller's or merchant’s smartphone. Easy to set up on any smartphone device and provides a secure payment solution for the next billion users.
Even-though, big international payment market leaders are finding their way into the UAE, Foloosi aims to follow the success of Stripe and to serve the Middle East region. Foloosi CEO, Omar Bin Brek says that by this funding round and over the next couple of years, we will be working directly on giving Foloosi the go-aheads to expand its service footprints across Saudi Arabia, Egypt, Qatar and the rest of MENA and continue to offer exciting new platforms to make it easier and safer for customer experience and SME growth prospects.