Saudi-Based Fintech Nqoodlet Raises $3 Million Seed Round
SME-focused fintech Nqoodlet closes $3 million round to speed up expansion and automate financial operations across the Gulf.
May 05, 2025
Saudi-based fintech platform Nqoodlet has raised $3 million in seed funding, with Waad Investments leading the round. Additional investors included OmanTel, 500 Sanabil Investment, Oqal, and Seed Holding.
Founded by Mohamed Milyani and Yara Ghouth, the company offers financial tools designed to support small and medium-sized enterprises in the Gulf region. The platform reports it has served over 600 SMEs and cut down financial operation times by 80%. Nqoodlet plans to use the funds to improve its banking infrastructure, expand product offerings, and strengthen collaborations with banks. Its services centre on smart corporate cards and expense automation, targeting inefficiencies faced by SMEs.
Saudi Arabia has increasingly focused on financing access for SMEs as part of Vision 2030, which seeks to grow SME contributions to GDP to 35%. SMEs represent about 90% of all Arab businesses but often struggle with bureaucratic and financial barriers. The Saudi fintech landscape has grown from 10 companies in 2018 to over 220 in 2024, with MSME credit growing to $88 billion last year.
Nqoodlet reported annual cost savings of approximately SR 200,000 per client, totaling around SR 80 million. As fintech adoption rises, companies offering automated financial ecosystems are becoming more common across the region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahya Masr
3 hours ago
- Tahya Masr
Madinet Masr and Waheej for Real Estate Sign Memorandum of Understanding to Strengthen Cooperation in the Saudi Real Estate Market
Madinet Masr (EGX: one of Egypt's leading real estate development companies, announced the signing of a Memorandum of Understanding (MoU) with Waheej for Real Estate, a licensed Saudi real estate developer, as part of its strategy to expand regionally and explore new investment opportunities. The MoU was signed at Waheej for Real Estate's headquarters in Riyadh by Eng. Abdallah Sallam, President & CEO of Madinet Masr, and Eng. Rashid Saud Al-Jadoua, CEO of Waheej for Real Estate. The MoU aims to explore and develop residential, commercial, and administrative projects in the Kingdom of Saudi Arabia by leveraging the exchange of technical and financial expertise and information. This initiative aligns with the objectives of Saudi Vision 2030 and supports homeownership opportunities and the quality of life for both citizens and residents. The signing of this MoU reflects both parties' desire to build a promising strategic partnership based on mutual understanding and full compliance with applicable regulations. Commenting on the partnership, Eng. Abdallah Sallam, President & CEO of Madinet Masr, said: 'This partnership marks an important milestone in our expansion strategy across regional markets—particularly in Saudi Arabia, which is witnessing remarkable urban and economic growth. We are proud to collaborate with Waheej for Real Estate and look forward to turning this agreement into tangible, successful projects on the ground." Eng. Rashid Saud Al-Jadoua, CEO of Waheej for Real Estate, added: "We are pleased to partner with Madinet Masr, a company with extensive expertise in real estate development. Through this collaboration, we aim to exchange knowledge and deliver impactful projects that support the housing sector and contribute to the Kingdom's broader development objectives." The MoU outlines the potential establishment of a joint real estate development company in Saudi Arabia. Independent agreements will be signed for each project, clearly defining the responsibilities of both parties.
CairoScene
4 hours ago
- CairoScene
Lottery.com Acquires Dubai-Based Nook Holdings for $2.5 Million
acquires a 90% stake in Dubai's Nook Holdings to establish a regional hub, part of a global strategy to scale in sports, health, and entertainment sectors. Jun 15, 2025 Texas-based has signed a $2.5 million agreement to acquire a 90% stake in Nook Holdings, a Dubai-based sports and wellness incubator founded by Ravi Bhusari. The transaction sees Nook rebranded under the platform, forming the company's first regional base in the Middle East and North Africa (MENA). Based in One JLT, Nook provides co-working, licensing, and tailored business support services for startups in the fitness, wellness, and sports sectors. As part of the acquisition, aims to use Nook as a launchpad for its modular global expansion model, which focuses on integrating cash-generating, high-growth businesses across sports, health, and entertainment. Nook reported a net profit of $354,000 in FY2024, with internal forecasts projecting 38% year-on-year growth in 2025. According to the acquisition marks the beginning of a broader rollout of incubators, with a second Dubai location set to open in Al Quoz by the end of 2025. Further hubs are planned in Riyadh, Jeddah, Abu Dhabi, and Greater Miami. 'This is not a one-off transaction – this is a scalable blueprint,' said Matthew McGahan, Chairman and CEO of and 'We operate a modular model that enables us to bolt on high-potential, cash-generative businesses that expand both brands quickly and globally.' The acquisition follows an $18 million capital injection in late 2023, positioning to move forward with its strategic growth initiatives.
CairoScene
10 hours ago
- CairoScene
11 Saudi-Dutch Agreements Signed to Boost Agricultural Collaboration
The agreements aim to strengthen bilateral cooperation across the environment, water, and agriculture sectors. Saudi Arabia has signed 11 new agreements with leading Dutch companies and research institutions to join the Saudi AgriFood Tech Alliance (SAFTA), as part of its participation in GreenTech Amsterdam 2025. Deputy Minister of Environment, Water and Agriculture Eng. Mansour Al-Mushaiti led the Saudi delegation during the official visit to the Netherlands, where the agreements were formalised. The agreements aim to strengthen bilateral cooperation between Saudi Arabia and the Netherlands across the environment, water, and agriculture sectors. A separate memorandum of understanding was signed with the Netherlands Water Partnership and the Dutch Water Alliance to join the Saudi Water Innovation Alliance. SAFTA will serve as a national platform to drive research, promote sustainable agriculture technologies, and accelerate the adoption of advanced solutions in smart farming and food production.
