omnispay, a UAE-based fintech company, has raised $1.5 million in a seed funding round led by Mercatus Capital Pte. Ltd., with participation from regional and international investors. Founded in 2022 by Simanta Das, Vimal Kumar, and Praveen Kiran, omnispay offers an all-in-one platform to simplify SME cash flow management by combining collect, pay, and borrow functionalities.
The funds will help omnispay further its mission to support SMEs in the GCC with a comprehensive digital payments solution. Despite less than 5% of B2B transactions being digitized in the region, omnispay sees a massive opportunity to drive digital adoption and unlock economic potential for SMEs, with a market opportunity worth over $1.5 trillion annually.
With over 1,600 businesses onboarded and 40% month-on-month growth in processed volumes, omnispay is quickly becoming the preferred platform for SMEs in the region. The platform’s mobile app, available in English, Arabic, and Malayalam, removes language barriers, helping more businesses adopt digital payments.
Vimal Kumar, Co-Founder and CEO, emphasized the importance of SMEs to the GCC economy, noting that they account for 94% of companies and 40% of GDP in the UAE. He stated that omnispay is fueling regional growth by democratising access to digital payments, allowing SMEs to better compete in a digital-first economy.
Simanta Das, Co-Founder and COO, highlighted that the seed funding round affirms the platform’s market fit and vision. omnispay aims to empower businesses with intelligent payment solutions, including invoice management, flexible payment methods, and future micro-lending options, making it a key player in accelerating digital transformation for SMEs in the GCC.
Post-pandemic, SME adoption of digital payments has increased by 60%, and omnispay aims to bridge the gap in B2B payments by offering a complete solution for managing cash flow digitally.
