Foloosi, a Dubai-based fintech startup has raised angel investment last month, the startup announced in a statement to MENAbytes. Foloosi did not disclose the exact size of investment but confirmed to MENAbytes that its a six-figure USD deal. The investment came from Rashed Alfasali, a local angel investor.
Founded last year by Omar Bin Brek and Mohan K last year, Foloosi offers different payment solutions to different types of 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.
The startup is also working on a Point of Sale (POS) system for SMEs in UAE that will be made available next month. The cloud-based POS software will help Foloosi’s clients manage their business and employees and access real-time reports from wherever they are.
Foloosi’s consumer mobile app (mobile wallet) allows users to make payments by scanning the QR code at all Foloosi merchants. The app that’s available for both Android and iOS phones also allows users to make payments of utility bills, government services, flights, and many other services. Foloosi also gives users the options to make international mobile top-ups for anyone across the world through its network of 500 mobile operators.
Foloosi will use the investment to accelerate its product development efforts.