Saudi fintech Wosul raises $3.2 million
- Saudi Arabia-based fintech Wosul Payments has raised a $3.2 million Seed round led by Khalab’s company along with a group of angel investors in fintech and retail.
- Wosul, founded in 2020 by Fahd Alghamdi, is a cloud-based POS system that enables merchants to accept digital transactions online or in-store.
- With the new investment, the startup looks to scale its operations across its home market by expanding its pool of merchants.
Wosul, specialising in cloud systems and digital payments announces the closing of its seed round worth 12 million Riyal Saudi ($3.2 million), led by Khalab's company and several angel investors.
Wosul aims to expand its operations in Saudi Arabia, specifically in the retail field.
Fahad Alghamdi co-founder and CEO mentioned that this tour included a variety of angel investors, including some of the most important names in the retail and fintech sectors.
He also added that this investment round is a great achievement for Wosul company and reflects investors' confidence in the company's future and growth. Wosul is seeking by closing this round to empower the technical development in the payments services, expand in new areas and develop digital payment to cover all the needs of retail merchants and the merchant in general.
Wosul is one of the leading Saudi companies in the field of financial technology (fintech), the first Saudi platform for the digital transformation of the retail sector, in order to achieve the goals of the Kingdom's Vision 2030 in digital transformation and economic growth in the Kingdom of Saudi Arabia.