Riyadh, Saudi Arabia , 7 December 2021 – NQOODLET, the Riyadh-based fintech, has raised $1,000,000 million in pre-seed, led by the Angel Investor Yaser Alghamdi with the participation of the Saudi Venture Capital Company (SVC) . The round also includes participation of OMQ investments. The company will launch its corporate cards and expense management platform to the SMEs.
Founded in 2021 by Mohamed Milyani and Moayad Alsowayegh. NQOODLET provides an electronic platform targeting SMEs that want to manage their expenses, purchases, and registering bills directly into one consolidated platform through the corporate cards given to the employees.
The idea originated from a market need, where small and medium enterprises cannot obtain corporate cards quickly, and even if they do; controlling and monitoring the spending limit on corporate cards is complicated, potentially resulting in many financial reconciliation & legal issues as well as a struggle with budgeting and checking expenses.
Mohamed Milyani, founder and CEO, says “we want to make this process pain-free for our clients by providing virtual and plastic corporate cards for several uses, like direct purchases, online payments and travel expenses, with which they can simplify the expense management operation” NQOODLET users can have real real-time visibility over all transactions, advanced reporting, automatic expenses categorization and individual statements for each card user. This will guarantee full control over spending limits & make the expense reconciliation a fully automated process.
As of 2020 there are around 600K SMEs in the Saudi Market generating about $89B Revenue and employing 8M employees. “We can capitalize on this number to serve the employee company’s expenses like travel expenses and pocket money and even reach an employee card for salaries.” Milyani says. The startup looks into utilizing the pre-seed to build its infrastructure and to help businesses spend smarter.
NQOODLET is led by the CEO Mohamed Milyani, who founded several tech startups like Lucidya and Nitrous. Milyani is a well-known name in the regional tech scene and has contributed greatly in the application and website development ecosystem in the Arab world and made himself an important reference. In this Journey the CTO, Moayed Alsowaigh who has been managing and building tech projects for over 6 years In addition to Mai Abdulwahab, VP of Marketing, Sales and Customer Success, who has more than 7 years of experience in the B2B Marketing and Sales.
Quote for Mai Abdulwahab “There’s a pressing need for a tech solution to all expense problems. And we want NQOODLET to be the best solution”