• UAE-based fintech XSquare has raised an undisclosed pre-Seed round.
• The round saw participation from Raed Ventures, AngelSpark, 500 Global and Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones.
• Founded in 2023 by Tanvir Shah and Ashwin Shenoy, XSquare is building a B2B payment orchestration platform that brings multiple payment rails, collections, payments and reconciliation into a single system for businesses.
• XSquare is currently live in the UAE and Qatar, with its Qatar launch marking its first cross-border expansion.
• The funding will be used to expand XSquare’s payment rail and banking partnerships, grow its engineering and commercial teams, and launch operations in Saudi Arabia.
• Earlier this year, XSquare raised a funding round from AngelSpark for an undisclosed value.

Press release:

XSquare, a business-to-business (B2B) payments company operating in partnership with Mastercard, today announced the successful close of its Pre-Seed funding round. The round had participation from Raed Ventures, AngelSpark, 500 Global and Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones.

With the new capital, XSquare is scaling what it describes as the region's first and only payment orchestration layer built purely for B2B. The platform unifies multiple payment rails behind a single integration, allowing businesses to collect, pay and reconcile across providers without stitching together separate systems. XSquare is launching with rails from Telr, Geidea, VaultsPay, Spare and Tess Payments, with further partners to follow.

Under its partnership with Mastercard, the company is also bringing Mastercard's B2B payments product to market, enabling card-funded supplier and vendor payments that settle directly to bank accounts. XSquare is deploying the program with marquee government and large corporate clients, unlocking commercial card economics on business spend that has traditionally sat outside the card ecosystem.

Beyond its UAE base, XSquare is live in Qatar, where it holds a presence at the Qatar Financial Centre (QFC) and is partnering with leading banks and regulated payment partners in Doha. The Qatar launch marks the company’s first cross-border expansion and lays the groundwork for a wider GCC footprint.

“B2B payments in this region have been underserved for too long, forced onto tools built for consumer markets. We are building the payment infrastructure that regional businesses need: card and bank rails, orchestration and reconciliation, all in one place. Having Raed Ventures, AngelSpark, 500 Global and Oraseya Capital participate in this round is a strong endorsement of that vision and of the traction we are seeing with Banks, Government entities and large Corporates.”

Tanvir Shah, Co-founder and Chief Executive Officer, XSquare

“We like to back companies that build enabling infrastructure for the region’s digital economy and are led by teams with strong founder-market fit. XSquare is building critical infrastructure for the largely underserved B2B payments market, and Tanvir and Ashwin have the experience and relationships required to build and scale in this market. We’re excited to back them and look forward to supporting their expansion across the region.”

Saed Nashef, Founding Partner, Raed Ventures

XSquare plans to use the funding to expand its rail and bank partnerships, grow its engineering and commercial teams, and begin operations in Saudi Arabia.