Saudi-based fintech platform Nqoodlet has secured $3 million in a seed funding round led by Waad Investments, with backing from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and others. Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet provides financial management tools tailored to small and medium enterprises (SMEs) across Saudi Arabia and the GCC.
The company has already supported over 600 SMEs, streamlining financial operations and delivering up to 80% faster processing times, while generating significant cost savings for clients. The raised funds will be used to enhance Nqoodlet’s banking infrastructure, develop new product features, and further strengthen partnerships with banks and other stakeholders.
Nqoodlet’s success aligns with Saudi Arabia’s Vision 2030, which aims to increase SME contributions to the country’s GDP and promote financial inclusion. The platform is part of a rapidly growing fintech market in the GCC, which saw its market size reach $169.92 billion in 2023, growing at 27.8% year-on-year.
By automating expense management and offering financial clarity, Nqoodlet is addressing challenges that have historically hindered SME growth in the region. This is especially significant as the number of fintech companies in Saudi Arabia has surged, creating a fertile ground for specialized solutions like Nqoodlet. The company’s reported cost savings, up to SAR 200,000 annually per client, highlight the inefficiencies in traditional SME operations and the substantial ROI offered by fintech automation tools.
Nqoodlet’s ongoing efforts exemplify the transformation of financial services in the GCC and the wider region, empowering SMEs to scale more effectively in the digital era.
