Sunday February 25th, 2024
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Saudi-Based Fintech Wosul Payments Raises $3.2 Million in Seed Round

Wosul offers a cloud-based point-of-sale system that enables sellers to accept digital transactions both online and in-store.

Startup Scene

Wosul Payments, a Saudi-based fintech startup, has successfully raised $3.2 million in a seed round. Led by Khalab's company and a group of angel investors in the fintech and retail sectors, this investment marks a significant milestone for Wosul.

Founded in 2020 by Fahd Alghamdi, Wosul offers a cloud-based point-of-sale (POS) system that enables merchants to accept digital transactions both online and in-store. With the infusion of capital, the startup plans to expand its operations in the domestic market by increasing its pool of merchants.

“We’re seeking to empower the technical development in the payments services, expand in new areas and develop digital payment to cover all the needs of retail merchants using these recently acquired funds,” Wosul founder and CEO Fahad Alghamdi tells StartupScene.

As a prominent player in Saudi Arabia's fintech landscape, Wosul's accomplishments align with the objectives of the Kingdom's Vision 2030, which aims to drive digital transformation and foster economic growth. The startup's innovative solutions contribute to the ongoing development of the retail sector, positioning it at the forefront of the nation's digital transformation journey.

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