Saudi Arabia-based fintech startup Nqoodlet has raised $3 million in a seed funding round led by Waad Investments, it announced on Sunday. The round also saw participation from OmanTel, 500 Sanabil, Oqal, Seed Holding, and other investors. This brings the company’s total funding to $4 million, following a $1 million pre-seed round in 2021.
Founded in 2021 by Mohamed Milyani and Yara Ghouth, Nqoodlet offers financial tools, including, corporate cards, real-time expense tracking, automated VAT filing, for small and medium-sized enterprises (SMEs) in Saudi Arabia and the wider Gulf region.
The company says it has onboarded more than 600 SMEs since launch, and claims that clients using the platform have seen faster financial operations and cost savings of up to $53,000 (SAR 200,000) annually, with a reported $21 million (SAR 80 million) in total savings across its user base.
Nqoodlet’s offering includes unlimited physical and virtual cards, transaction insights, and international payments with no currency conversion fees. It positions itself as a tool to help SMEs reduce paperwork and improve financial visibility.
The funding will be used to expand Nqoodlet’s presence in Saudi Arabia and other Gulf markets, enhance its product with features like open banking integrations and automated tax reporting, and grow its team and partner network.
Mohamed Milyani, co-founder and CEO of Nqoodlet, said, “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.”
Yasser Alghamdi, Chief Investment Officer of Waad Investment, said, “[Nqoodlet’s] 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.”
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