The fintech startup also announced a new partnership with Visa, and another in the works with MasterCard.
UAE-based fintech startup Foloosi has raised $2 million in a pre-Series A funding round led by angel investors from Abu Dhabi and saw the participation of Rasheed Alfalasi and Mohammed Alsuwaidi.
The startup also announced its new partnership with Visa - with another partnership soon to be complete with MasterCard - to offer its innovative technology in the UAE marketplace, with the help of UAE Network International.
Establishing itself as an online payment service, Foloosi is helping empower small and medium-sized enterprises (SMEs) to accept and collect payments from customers. The platform tracks, automates and accelerates all aspects of sales and transactions.
The new funding will largely go towards launching its flagship ‘Tap on Phone’ feature which will enable users to make instant payments simply by tapping their card on the vendors’ smartphone—functioning as a point of service (POS) terminal. The startup’s focus is set on essentially replacing swipe machines and existing POS terminals.
CEO Omar Bin Brek stated that “digital payment is the next game-changer across the Fintech fraternity, and we are pleased in offering an efficient and affordable payment solution for all business classes. Our solution is getting upgraded and updated promptly in relation to the market trends.”
Foloosi is also eyeing up an expansion into the Gulf region, namely Saudi Arabia, Oman and Qatar, and will use the fresh funds to accelerate this growth.