• Saudi fintech Nqoodlet raised USD 3 million in seed funding to expand platform features and regional presence.
• The platform offers SMEs smart cards, real-time expense tracking, and automated financial tools to streamline spending.
• Nqoodlet aims to boost SME growth by improving banking integrations and scaling AI-driven financial management solutions across the GCC.

Nqoodlet 

What happened? Saudi-based fintech platform, Nqoodlet, raised USD 3 million in a seed funding round. The round was led by Waad Investments, with participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding and other investors.

What’s next?  With the funding, Nqoodlet aims to support SME growth by expanding its platform features and growing its partner ecosystem It also aims to scale its presence across Saudi Arabia and GCC region.

Additionally, it aims to use the funding to accelerate product development and expand banking integrations. It will also seek to strengthen AI capabilities, enhance its technology and customer success teams.

SMEs

Who are they? Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet is a financial platform built for SMEs in the GCC. 

It provides SMEs an integrated fintech platform that streamlines corporate spending, automates compliance, and enables smarter financial management. Moreover, it provides smart corporate cards, real-time expense tracking, and financial automation for SMEs.

Why does this matter? SMEs are essential in Saudi Arabia’s economy as they represent over 90% of the private sector. Additionally, they are an important source of innovation and job generation. Furthermore, Nqoodlet is attempting to tackle the challenges they face with fragmented financial systems, high compliance costs, and limited access to modern fintech solutions

“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, ” said Mohamed Milyani, CEO & Co-founder of Nqoodlet.