- Riyadh-based fintech NQOODLET, has raised $1 million in its pre-Seed round led by angel investor Yaser Alghamdi, with participation from Saudi Venture Capital Company (SVC), and OMQ Investments.
- Founded in 2021 by Mohamed Milyani and Moayed Alsowayegh, NQOODLET offers a platform where SMEs can manage their expenses, purchases, and register bills.
- With the latest funding, the company plans to improve its tech infrastructure and accelerate the rollout of its platform.
Riyadh-based FinTech and expense management platform NQOODLET has raised $1M in their Pre-Seed round led by the Angel Investor Yaser Alghamdi with the participation of the Saudi Venture Capital Company (SVC). The round also included the participation of OMQ investments.
Founded in 2021 by Mohamed Milyani and Moayed Alsowayegh. NQOODLET provides a digital platform targeting allowing SMEs to manage their expenses, purchases, and register bills directly into one consolidated platform through the corporate cards given to the employees.
The idea originated from a market need, where small and medium enterprises cannot obtain corporate cards quickly, and even if they do; controlling and monitoring the spending limit on corporate cards is complicated, potentially resulting in much financial reconciliation & legal issues as well as a struggle with budgeting and checking expenses. Hinting on NQOODLET’s core differentiators Mohamed Milyani, founder and CEO commented “we want to make this process pain-free for our clients by providing virtual and physical corporate cards for several uses, like direct purchases, online payments, and travel expenses, with which they can simplify the expense management operation” NQOODLET users can have real real-time visibility overall transactions, advanced reporting, automatic expense categorization and individual statements for each card user. This will guarantee full control over spending limits & make expense reconciliation a fully automated process.
The Saudi-based FinTech looks into utilizing its newly acquired funds to build its infrastructure, launch its card and platform, and help businesses spend smarter. As of 2020 there are around 600K SMEs in the Saudi Market generating about $89Bn Revenue and employing 8M employees1. “We can capitalize on this number to serve the employee company's expenses like travel expenses and pocket money and even reach an employee card for salaries,” Milyani concluded in light of this platform-launching investment.