RIYADH: Saudi-based expense management fintech platform NQOODLET has raised $1 million in a pre-seed funding round.
The Riyadh-located company will use the funds to build its infrastructure and launch its card and platform, according to MAGNiTT.
The funding was led by angel investor Yaser Alghamdi with the participation of the Saudi Venture Capital Company. OMQ investments also participated in the round.
As of 2020 there are around 600,000 SMEs in the Saudi market generating about $89 billion revenue and employing 8 million employees, cofounder Mohamed Milyani said.
“We can capitalise on this number to help provide and manage travel expenses and even provide an employee card for salaries,” he said.
Founded in 2021, NQOODLET provides a digital platform for SMEs to manage their expenses, purchases, and register bills directly through corporate cards.