Dubai, UAE-based fintech startup Foloosi, on Monday, announced that the company has raised $2 million (AED 7.4 million) in its Pre-Series A funding round led by some angel investors from Abu Dhabi. The company aims to establish itself as an online payment enabler in the UAE, empowering SMEs to track, automate, and accelerate every aspect of sales and purchase transactions through a single platform.
The company also said that the fresh capital will help it launch its flagship “Tap on Phone” feature.
Foloosi has also partnered with Visa officially, and soon MasterCard, to offer this innovation in the market in partnership with local financial institutions.
Foloosi “Tap on Phone” contactless payment technology lets users pay just by tapping their card on the seller’s or merchant’s smartphone. Easy to set up on any smartphone device and provides a secure payment solution for the next billion users.
Even-though, big international payment market leaders are finding their way into the UAE, Foloosi aims to follow the success of Stripe and serve the Middle East region.
Commenting on the development, Omar Bin Brek, CEO of Foloosi, in a statement said,
“By this funding round and over the next couple of years, we will be working directly on giving Foloosi the go-aheads to expand its service footprints across Saudi Arabia, Egypt, Qatar and the rest of MENA and continue to offer exciting new platforms to make it easier and safer for customer experience and SME growth prospects.”