Foloosi Targets GCC Expansion with $500k Seed Funding


Cashless payments services provider, Foloosi aims to expand across the Gulf Cooperation Council (GCC) region, starting with Saudi Arabia, after raising $500,000 in seed funding.

The Dubai-based fintech start-up raised the money from individual local investors Mohammed Alsuwaidi and Rasheed Alfalasi; the latter already invested in Foloosi’s six-figure pre-seed round this summer.

Founded in 2018, Foloosi says it has achieved 40% revenue growth month on month by offering easy cashless payment options to online and offline businesses.

Consumers can use Foloosi’s mobile wallet to pay via QR codes at Foloosi merchants, make card payments through payment links or settle up via websites or apps through the firm’s payment gateway.

Other services include mobile top-ups for anyone in the world using Foloosi’s network of 500 mobile operators, along with apps through which users can pay for utility bills and more.

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The fintech’s cloud-based POS software for businesses was launched earlier this year.

With over 300 businesses on board, Foloosi says it had achieved a revenue rate of over AED 1 million ($272,000) by the end of July 2019.