Foloosi is a UAE-based fintech startup facilitating consumer-to-business card payments by enabling the businesses to display QR code, Payment Link and API integrations for the customers to scan and pay conveniently.
The fintech startup today raised a seed fund of $500,000 from existing investor Rashed Alfalasi along with new investor Mohammed Alsuwaidi. Around four months back, Foloosi raised a preseed fund from Angel fund investor Rasheed Alfalasi.
Foloosi was founded in 2018 and launched its product in the year 2019 that enables simple and easy ways to accept, process, disburses payment solution for businesses. It helps businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi’s payment solutions can be integrated by both web and mobile applications.
Foloosi connects merchants with customers while giving an easy way to make payments. “We see solid interest from businesses in the UAE for this service, with the transaction volumes reliably growing at above 40 per cent month-on-month. Transacting millions of dirham’s of sales every month was a key achievement for us as the business keeps on growing,” said Omar Bin Brek, CEO, Foloosi to LAFFAZ.
At the end of July, Foloosi achieved 1 million+ AED revenue rate and 300+ businesses signed up to accept card payments and 2000+ users paid through Foloosi to partner businesses.
Foloosi is the only startup in the UAE that provides these many billing solutions, a few of them are du top-up & bills, Etisalat top-up & bill, FEWA, Mawaqif top-up, Mawaqif fine, National bond, NOL card, Ajman direct etc.
Products & Solutions of Foloosi
▸ QR code:
Retailers can accept payment easily from customers just by generating one QR code.
▸ Payment link:
Sending a payment request and get paid instantly using Foloosi’s payment link.
▸ Payment gateway:
Retailers can accept payments in their mobile app/ website with Foloosi payment gateway and customers can pay using this gateway.
Enable recurring payment schedule, control the billing cycle and get instant alerts on subscription activity with Foloosi’s Subscriptions.
▸ Multiple currency support:
Foloosi supports 150+ currencies for international digital payments, including major currencies like USD, Euro, Pound, and INR.
Foloosi’s POS software helps to manage your business on your device. Also, adjust items, manage employees, and see real-time reports from anywhere.
In future, Foloosi has planned to launch a business page consisting of detailed information about the business, geo locations and customers can pay using online store without scanning.
Foloosi’s CEO Omar says that the projected revenue was 3M AED by December 2019. The projected revenue for the upcoming year 2020 was 2.5 million AED per month. As of now our target is GCC countries and soon we have planned to start in Saudi Arabia.
“With the support of our strategic investors, we are accelerating the development of our product further in this digital world,” said Mohan. K, CTO, Foloosi to LAFFAZ.
Foloosi’s main target is to provide payment solutions for all financial sectors including small, medium and large Enterprises.
ⓘ Image credits: Supplied