Saudi-Based Fintech Nqoodlet Raises $3 Million Seed Round

Saudi-based fintech platform Nqoodlet has raised $3 million in seed funding, with Waad Investments leading the round. Additional investors included OmanTel, 500 Sanabil Investment, Oqal, and Seed Holding.

Founded by Mohamed Milyani and Yara Ghouth, the company offers financial tools designed to support small and medium-sized enterprises in the Gulf region. The platform reports it has served over 600 SMEs and cut down financial operation times by 80%. Nqoodlet plans to use the funds to improve its banking infrastructure, expand product offerings, and strengthen collaborations with banks. Its services centre on smart corporate cards and expense automation, targeting inefficiencies faced by SMEs.

Saudi Arabia has increasingly focused on financing access for SMEs as part of Vision 2030, which seeks to grow SME contributions to GDP to 35%. SMEs represent about 90% of all Arab businesses but often struggle with bureaucratic and financial barriers. The Saudi fintech landscape has grown from 10 companies in 2018 to over 220 in 2024, with MSME credit growing to $88 billion last year.

Nqoodlet reported annual cost savings of approximately SR 200,000 per client, totaling around SR 80 million. As fintech adoption rises, companies offering automated financial ecosystems are becoming more common across the region.