Dubai: UAE-based fintech startup Foloosi has raised pre-seed funding (amount undisclosed) from angel investor Rashed Alfalasi to fulfill their objective of building a cashless society and to provide payment solutions to serve all types and sizes of businesses.
Faloosi is a digital payment solution that enables consumers to pay businesses through various avenues like QR code and payment links to process card payments easily.
According to the UAE Central Bank, 75 percent of the transactions are done in cash. This clearly means that there is a dearth of regional digital payment solutions such as Foloosi in the UAE. Co-founders Omar Bin Brek and Mohan K along with their in-house team of only 6 people leveraged the idea and finally made it to this stage of value for the UAE market.
Foloosi has also launched a POS (Point of Sale) system for small and medium-size businesses that will enable merchants to process payments digitally.
According to Foloosi CEO, Omar Bin Brek…
“With the support of our strategic investors, we are accelerating the development of our products further in this digital world and this is a great opportunity to improve in the advanced technology experienced by our users”
The investor Rashed Alfalasi quoted…
“I invested in Foloosi because I believe the future will be cashless and that Foloosi is one of the companies that will emerge to lead this effort because of its great team and their strong vision. With dedication and the right strategy, Foloosi can build the cashless society and will provide payment solutions that serve all kind of businesses.”
Evidently, Foloosi will be able to bring in digital transformation in UAE and the whole GCC market in the near future.