Dubai-based fintech startup Foloosi has raised $500,000 in seed funding from two local individual investors, Rasheed Alfalasi and Mohammed Alsuwaidi, the startup announced in a statement to MENAbytes on Thursday. Rahseed Alfalasi had previously invested in Foloosi’s six-figure pre-seed round as well that was announced about two months ago.
Founded last year by Omar Bin Brek and Mohan K last year, Foloosi offers different payment solutions to both online and offline businesses in UAE with the aim of making cashless payments easy. The businesses that sign up with Foloosi have the option of accepting payments using QR Codes, payment links (for card payments) or on their websites and apps through Foloosi’s payment gateway which also facilitates collection of recurring subscription payments.
They’ve also launched a cloud-based POS Software earlier this year that enables businesses to manage their inventory and workforce, and access real-time reports on different from anywhere.
Foloosi’s consumer mobile app (mobile wallet) allows users to make payments by scanning the QR code at all Foloosi merchants. It’s Android and iOS apps also allow users to make payments of utility bills, government services, flights, and many other services. Foloosi, in addition to this, also gives users the options to make international mobile top-ups for anyone across the world through its network of 500 mobile operators.
The Dubai-based startup claims to have over 300 businesses using its services with more than 2,000 users making payments to these businesses through Foloosi’s platform. The statement by Foloosi also claims that their transaction volumes have been growing at over 40 percent month-over-month and that they’ve achieved ‘revenue rate’ of over AED 1 million (USD 272,000) at the end of July 2019.
Foloosi plans to use a part of this investment for its GCC expansion, starting with Saudi.