Saudi Fintech Startup Nqoodlet Secures $3 Million to Revolutionize SME Financial Operations

Nqoodlet receives $3 million from investors to further develop smart corporate cards and automation tools for SME financial operations.

Nqoodlet secured $3 million through its seed funding to build sophisticated tools which improve monetary operations and financial management for small and medium-sized enterprises (SMEs). The funding round received its primary contribution from Waad Investments before Omantel joined alongside Sanabil 500 Investment and OQAL together with Seed Holding and a team of strategic investors.

The digital platform of Nqoodlet was founded by Mohamed Milyani and Yara Ghouth to provide a solution with smart corporate cards in addition to real-time expense tracking and financial automation tools. Nqoodlet operates as a startup which aims to revolutionize SME financial management throughout Saudi Arabia together with the GCC region.

The platform of Nqoodlet now serves more than 600 SMEs and it has achieved process efficiency gains of 80% as well as annual financial savings reaching SR200,000 ($53,330) per business. The newly acquired funds will enable the company to develop its platform while deepening banking partnerships as well as establishing financial transparency for every business throughout the region.

Waad Investment chief investment officer Yaser Al-Ghamdi views Nqoodlet's fintech innovation very positively as he declares that the company is developing more than just a product but a pioneering piece of financial technology for the future. Nqoodlet will enhance its financial capabilities through this investment by implementing open banking integrations and automated tax solutions which will establish a clear statement regarding fintech development in the GCC area.