UAE-based FinTech startup Foloosi raises $500,00 in seed funding

29 Sept 2019
UAE-based FinTech startup Foloosi raises $500,00 in seed funding

Foloosi is a Dubai-based cashless payments startup that was founded in 2018 by Omar Bin Brek and Mohan K, and this year marks a whole new level for the favorable startup. They announced raising $500,000 in seed funding from two UAE individual investors, Rasheed Alfalasi and Mohammed Alsuwaidi, where the former had also already invested in Foloosi’s pre-seed round in May 2019.

Foloosi Technologies LTD’s main objective is to enable fast & easy cashless payments for both digital and physical businesses in the United Arab Emirates. Companies can expect to accept payments using QR codes, links to payment transactions or through the startup’s payment gateway that connects with these businesses’ websites or apps. Another service by Foloosi is the cloud-based POS software that offers inventory and workforce management, with real-time access to reports from any location.

Launched on iOS and Android, their mobile app (e-wallet) enables customers to pay with QR codes at select merchants, where they can pay utility bills, government services and much more. Foloosi also allows international mobile top-ups through its vast network of 500 mobile operators.

The promising startup also aims to empower businesses to undergo a comprehensive digital transformation, focusing on green initiatives such as making companies go paperless, reducing their impact on the environment. Foloosi claims to include over 300 businesses that are using its services with over 2,000 users making payments through the platform. They intend to partly use this recent investment to expand in GCC countries, mainly Saudi Arabia for now.

 

Tags

Foloosi, Dubai, UAE, seed funding, GCC, Saudi Arabia, cashless payments, Omar Bin Brek, Mohan K, Rasheed Alfalasi, Mohammed Alsuwaidi, mobile, QR code, Green

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