Jordan's Ahli Fintech invests $190,000 in InvoiceQ
- Jordan Ahli Bank's accelerator Ahli Fintech, has invested $190,000 in Jordan-based fintech InvoiceQ, after the startup completed the Ahli Fintech Seed Accelerator Programme. The accelerator will commit a further $250,000 in InvoiceQ's pre-seed round which is yet to close.
- Co-founded in 2020 by Fadi Aljabali, Amer Ayyad, and Muhannad Tobal, InvoiceQ offers an e-invoicing platform for businesses of different sizes, enabling them to secure collections and payments.
- With the fresh funds, InvoiceQ will be able to improve its proprietary technology and push forward with its regional expansion plans.
- Last year, the company launched in Saudi Arabia after it was licensed by the Zakat Customs and Tax Authority (ZATCA) as an e-invoicing provider.
AHLI FINTECH- the financial technology and innovation incubator, accelerator, venture-studio arm, and wholly-owned subsidiary of Jordan Ahli Bank – revealed that in January 2022 it had independently led the pre-seed investment in InvoiceQ Inc. in the amount of $190 thousand US dollars. The startup was among a select few startups that had participated in the first wave of the AHLI FINTECH Seed Accelerator program. AHLI FINTECH is doubling down on its investment with an additional $250 thousand US dollars in InvoiceQ’s current seed-round, alongside other participating investors.
Throughout the accelerator program, AHLI FINTECH worked closely with the dynamic InvoiceQ founding team, to accelerate their customer and product development journey, and build a scalable and sustainable business model to launch their platform. By Q1 of 2021, the startup launched their minimum viable product (MVP) with variety of businesses in Jordan, ranging from large corporates to startups and small businesses, including both, sellers and buyers. By the end of that year, the company was officially listed by the Zakat Customs and Tax Authority (ZATCA) in Saudi Arabia as a qualified e-invoicing service provider, and had since been successful in scaling their business in the Kingdom. Today, invoiceQ had enabled over 40 businesses ranging from different sizes and domains, in issuing more than 10k invoices with a total value of USD $170 million.
The InvoiceQ platform is designed to simplify, centralize, and enhance the entire invoice lifecycle, from issuance/receipt to collection/payment. The solution offers three standard subscriptions designed for freelancers and startups, SMEs, and large enterprises, as well as offering the option to customize the invoiceQ experience based on the modules and features the business may need. Existing enterprise solutions, such as ERPs, can be easily integrated with the invoiceQ platform via its API integration gateway, significantly reducing the cost and time for businesses to deploy digital invoicing.
Businesses can easily apply their authority matrix using the highly adaptive workflow designer tool. Communications between buyers and sellers are no longer fragmented via emails and separate attachment documents. Instead, the communication mechanism is available directly via the platform, on a per-invoice basis, between different users of the organization, and directly between the buyer and seller. Multiple digital payment options are available for the seller to leverage, resulting in an improved payment experience for the buyers and faster collection cycle for the businesses. This had proven to be a much-needed capability during the launch of the platform, which coincided with the mass country-wide lockdowns.
“When the founders of invoiceQ pitched to our investment committee, it was clear to each of us the need for their solution to made available in the local Jordanian market and the potential for it to succeed in the MENA region. They are solving a serious tangible challenge for businesses with significantly positive financial impact. Being fully owned by Jordan Ahli Bank, it was clear that the benefits invoiceQ brings to businesses would tremendously enhance the bank’s ability to extend credit facilities to finance the buyers and sellers on the platform. That, and the amazing founding team that brings with them years of technical expertise in this industry, made the decision to invest in invoiceQ and accelerate its growth one that is aligned with our investment thesis.” said Ghassan Muasher, the CEO of Ahli Fintech.
Muhannad Tobal, Co-Founder and CEO of invoiceQ, expressed his appreciation for Ahli Fintech’s trust in the invoiceQ founding team, providing them with startup capital to create the invoiceQ platform at the idea stage and for closely partnering with them to ignite their successful startup journey.
InvoiceQ was co-founded by Fadi Aljabali, Amer Ayyad, and Muhannad Tobal, who bring with them over +50 years of combined technical and business experience in the FinTech domain, with specialization in the invoice industry, with the vision to make the invoiceQ name the go-to digital invoicing platform for the region.