Qoyod, a Saudi Arabian cloud-based accounting software provider for small and medium businesses announced a Series A investment round of $2.1 million led by Merak Capital, with participation from other investors.

Abdullah Aldayel founded Quyod in 2016. It enables thousands of businesses to manage their day-to-day accounting and finance operations, with access to powerful real-time reporting and analytics tools. Qoyod believes that it is well-positioned to be the one-stop financial solution for SMEs in the region. A few product roll-outs are in the pipeline, offering more comprehensive features that connect business owners to complementary financial products and services. 

Abdullah Aldayel, Founder and CEO, commented on the investment, stating that: “Despite its obvious challenges, 2020 has been an amazing year for us here at Qoyod, with significant growth in our customer base and topline for the year. Nonetheless, the Saudi market is sizable, and we have yet to scratch the surface. We are thrilled to end the year with key new partners on board and look forward to working with Merak Capital, who will be adding tremendous value by way of their Fintech expertise. With the right partners and with adequate financing, Qoyod is now perfectly positioned to be the number one financial solution serving the growing Saudi SMB market.”

Abdullah Altamami, Founding Partner and CEO of Merak Capital, said about Qoyod: “Internationally, businesses are spending $6.4B annually on accounting software, which is expected to reach $10.5B by the end of 2027, exhibiting a CAGR of 7.4%. Locally, the direct market exceeds $500M and is growing more than 13% annually, while the adjacent market opportunity exceeds $2B. Yet, we don’t have a ubiquitous SaaS accounting platform with localised features that are integrated within the local infrastructure. We envision Qoyod to be the player that fills this gap and captures the increasing demand.”

Qoyod is currently expanding its products and regional coverage, with more details to be announced soon.