• Saudi Arabia-based fintech Nqoodlet has raised $3 million in a seed round led by Waad Investments, with participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other investors.
• Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet provides small and medium businesses across Saudi Arabia and the GCC with a financial operating system that includes smart corporate cards, real-time expense tracking, automated VAT filing, and financial planning tools — all designed to bring clarity, control, and efficiency to SME financial operations.
• The funding will be used to expand banking infrastructure, launch new features such as open banking integrations and automated tax reporting, grow the team, and deepen partnerships with banks and ecosystem players, supporting Nqoodlet’s mission to become the financial backbone for SMEs in the region.
• In late 2021, NQOODLET closed its pre-seed round at $1 million.

Press release:

Nqoodlet, the Saudi-based fintech platform revolutionising SME financial management, has announced the successful close of its $3 million seed round. The round was led by Waad Investments, with participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding and other strategic investors.

Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet is optimising financial operations for small and medium businesses across Saudi Arabia and the GCC. Its platform provides smart corporate cards, real-time expense tracking, financial automation, and a hub for SME services — all in one seamless ecosystem.

Nqoodlet’s mission is simple yet ambitious: to eliminate financial chaos and help businesses focus on growth, not paperwork.

Since launch, Nqoodlet has helped over 600 SMEs across the region achieve financial clarity. Clients using the platform have reported an 80% improvement in financial operations speed and, on average, 200,000 SAR in annual cost savings, totalling over SAR 80 million in collective expense management efficiencies.

“SMEs here are not just underserved — they’ve been overlooked for too long. Nqoodlet is changing that. This funding gives us the rocket fuel to scale faster, go deeper with banks, and bring financial clarity to thousands of businesses who deserve better.”

— Mohamed Milyani, CEO & Co-founder of Nqoodlet

Nqoodlet’s Vision: Building the Financial Backbone of the GCC

Financial operations are the backbone of every business — ensuring the ability to operate, grow, and create impact sustainably. Yet in GCC, SMEs still battle fragmented tools, outdated compliance processes, and overwhelming complexity.

Nqoodlet is building the first true financial operating system for SMEs in the Middle East — empowering businesses with:

• Clarity — Transparent, real-time financial insights to drive smarter decisions.
• Control — Full accountability over every riyal spent.
• Efficiency — Automated expense management, VAT filing, bookkeeping, and financial planning.
• Resilience — Compliance, fraud protection, and proactive financial risk management.
• Strategic Growth — Unlocking new opportunities through smarter financial governance.

At its core, Nqoodlet’s mission is not just to manage money — it’s to give businesses the clarity, control, and confidence to scale faster, stress less, and succeed bigger.

“We chose to lead Nqoodlet’s seed round because we believe they are not just building a product — they are building an entirely new future for financial technology. Under the leadership of Mohamed Milyani and Yara Ghouth, the Nqoodlet team has successfully transformed the everyday challenges faced by SMEs into smart, advanced, and easy-to-use solutions.

Their strong focus on product excellence, combined with their seamless integration of technology into financial operations, perfectly reflects the type of companies we seek to support. Today, Nqoodlet is on its way to becoming the leading innovator in the region, and we are excited to be part of this game-changing journey.”

— Yasser Alghamdi, Chief Investment Officer of Waad Investment

What’s Next for Nqoodlet?

With this new investment, Nqoodlet will:

• Expand its banking infrastructure across Saudi Arabia and the wider Gulf.
• Launch new product modules, including open banking integrations, automated tax reporting, and advanced financial planning tools.
• Accelerate partnerships with banks, telecom providers, and SME ecosystem players.
• Invest in top regional talent across technology, finance, and customer success.
• Double down on its mission to make financial operations effortless for SMEs.

“This isn’t just a funding round. It’s a statement: GCC is ready for the next generation of fintech, and we’re paving the way. We’re here to make sure every business — from the smallest startup to the fastest-scaling SME — has access to financial tools that are fast, intuitive, and built for growth.”

— Yara Ghouth, Co-founder of Nqoodlet.