Nqoodlet, a Saudi-based fintech platform dedicated to empowering small and medium enterprises (SMEs), has successfully raised $3 million in seed funding. This funding round was led by Waad Investments and supported by a range of investors, including OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other strategic angels. These investors share a strong belief in the critical role of SMEs in driving economic growth across Saudi Arabia and the wider GCC region.
SMEs play a central role in Saudi Arabia’s economy, representing over 90% of the private sector. These businesses are essential for innovation, job creation, and economic diversification. However, many SMEs struggle with fragmented financial systems, high compliance costs, and limited access to modern fintech solutions. Nqoodlet was founded to change this, offering a powerful financial platform that empowers SMEs to overcome these challenges.
Nqoodlet is transforming the way SMEs manage their financial operations. The platform provides integrated financial tools, including smart corporate cards, real-time expense tracking, VAT and tax automation, and seamless payment solutions. These tools help businesses operate more efficiently, save time, reduce costs, and focus on growth rather than administrative burdens.
Since its inception, Nqoodlet has served over 600 SMEs across the Kingdom of Saudi Arabia, helping clients improve their financial operations by an impressive 80%. Additionally, businesses using Nqoodlet have saved over SR 80 million in expense-related costs, highlighting the platform’s significant impact on financial efficiency.
Strategic Focus: Financial Excellence for SMEs
Nqoodlet’s mission revolves around providing SMEs with the clarity, control, and tools they need for sustainable growth. The platform offers a comprehensive suite of features designed to enhance financial management:
Clarity: Clear dashboards with real-time financial data ensure that business owners have the visibility they need to make informed decisions.
Control: Built-in oversight tools offer business owners complete control over spending and financial operations.
Efficiency: Automation reduces manual processes, saving time and minimizing operational drag.
Resilience: The platform integrates compliance features and fraud prevention tools to ensure businesses remain secure.
Strategic Value: Insights and tools that drive strategic growth and expansion, enabling businesses to thrive in competitive markets.
Seed Funding Impact and Future Goals
The newly secured $3 million in seed funding will accelerate Nqoodlet’s mission to drive SME growth and economic transformation in Saudi Arabia and the GCC region. This funding will allow the platform to enhance its existing features, expand its partner ecosystem, and scale its operations across the region. By empowering SMEs with advanced financial tools, Nqoodlet is positioning itself as a leader in the fintech space.
Yasser Alghamdi, Chief Investment Officer of Waad Investments, expressed his enthusiasm for the platform: “We believe Nqoodlet is not just building a product; they are building an entirely new future for financial technology. Their innovative solutions are exactly what SMEs need to overcome financial challenges and achieve long-term growth.”
For more information, visit Nqoodlet.
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