UAE fintech startup Foloosi raises Pre-SEED funding

Foloosi, a UAE Fintech startup facilitating consumer-to-business card payments through several ways by enabling businesses to display QR code, share Payment Links and API integrations makes it possible to accept card payments without the need of a POS machine.

Foloosi has raised an undisclosed amount of pre-seed fund from Angel fund investor Rashed Alfalasi in May 2019.

Co-founders Omar Bin Brek and Mohan K with an in-house team of 6 has managed to get the idea off the ground and continue to serve as a valuable start-up in the UAE market.

United Arab Emirates has the highest banking penetration rate in the middle east region. Though in contrary, according to UAE central bank figures (in 2017): 75% of the whole UAE economy is based on cash transactions. Furthermore, compareit4me.com survey (2018) show that 85% of online orders are processed through cash-on-delivery option as a method of payment. Residents need more advanced and modern options in line with the UAE’s 2021 vision.

Foloosi will enable a digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi will feature a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.

Just-in also, Foloosi has launched its new product ‘Point of Sale’ for small and medium sized businesses. This dedicated POS system will provide merchants a wholly complete system including digital checkout eyeing for a huge potential in the GCC market.

Foloosi enables businesses to go for a complete digital transformation including paperless receipt checkout, which helps the society become greener.

Foloosi CEO, Omar Bin Brek says…

“With the support of our strategic investors, we are accelerating the development of our products further in this digital world and this is a great opportunity to improve in the advanced technology experienced by our users”

The Investor Rashed Alfalasi says…

“I invested in Foloosi because I believe the future will be cashless and that Foloosi is one of the companies that will emerge to lead this effort because of its great team and their strong vision. With dedication and the right strategy, Foloosi can build the cashless society and will provide payment solutions that serve all kind of businesses.”

Source : https://magnitt.com/news/uae-fintech-startup-foloosi-raises-pre-seed-funding

Startup Arabia: Untold stories from top Arab entrepreneurs

Startup Arabia captures the untold stories of the high-tech entrepreneurs in the Middle East who are creating one of the most vibrant and fertile tech hubs in the world today. The book was written by Amir Hegazi, a life-long entrepreneur, with over 15 years of startup, tech, e-commerce, and digital media experience.

Through a collection of interviews, Startup Arabia touches on the early days of those entrepreneurs and the startups they created. It explores how they got their initial ideas, what challenges they faced and how they overcame them, what lessons they learned from those experiences, and what advice they have for the next generation of Middle East entrepreneurs. They also share what they believe is required to ensure continued development of a startup ecosystem in the region.

Not only did these entrepreneurs conquer the usual challenges of new tech startups; they managed to break from deep-seated tradition and societal limiting beliefs, cut through red tape, and navigate an often unfriendly startup environment.

Startup Arabia provides an eye-opening, refreshing look at the entrepreneurial journey and a much-needed call to action to aspiring entrepreneurs across the region to help shape the future of the Arab world. It was also selected among the top 17 best books for startups worldwide by Book Authority in 2019 https://bookauthority.org/books/new-startup-books

Source :
https://magnitt.com/research/startup-arabia-untold-stories-top-arab-entrepreneurs-free-book

Foloosi, a UAE Fintech startup facilitating consumer-to-business card payments

Foloosi is a UAE Fintech startup facilitating consumer-to-business card payments by enabling the business to display QR code, Payment Link and API integrations for the customer to scan & pay

What is Foloosi?

Press Release

Foloosi ( https://www.foloosi.com ) is a UAE Fintech startup facilitating consumer-to-business card payments by enabling the business to display QR code, Payment Link and API integrations for the customer to scan & pay.

Foloosi offers a complete technically advanced digital solution, which seamlessly connect consumers with businesses to provide actionable flow of events resulting in a fast and secure way of making payments based on QR codes and card networks.

Foloosi enables businesses in the UAE to get paid using QR code technology without the need of POS machine or any additional hardware. While the payment is deducted instantly, the merchant can also receive instant payment notifications.

Mission of Foloosi

World is going faster day by day with the power of digital information & technology. Our mission includes,

  • To make digitized payments/ transactions throughout UAE reforming the cash payments
  • To provide easy payments for customers to pay bills, recharge, book tickets, scan and pay etc and make them to enjoy their life
  • Enables business owners to accept payments without the need of any POS/ swipe machine or any other larger infrastructure

Products of Foloosi

QR code

Retailers can accept payment easily from customers just by generating one QR code. Customers can make payment using Scan & pay option. Customers can scan the item QR codes as they shop and can pay within minutes without queuing.

Payment link

Foloosi technology offers a marvelous solution to the likes of freelancers by enabling them to share payment web links with their clients through multiple means such as email, sms, whatsapp, social networking apps and sites.

Payment link is sending a payment request to get paid instantly.

Payment gateway

API documentation for websites is available as an option for merchants who want to accept payments on their own websites.

Businesses can accept payments in their mobile app/ website with Foloosi payment gateway API and customers can pay on merchant’s website.

Subscription

Enable recurring payment schedule, control the billing cycle and get instant alerts on subscription activity with Foloosi Subscriptions. All to do is to link a plan to the customer.

Foloosi help its merchants to offer customer subscription plans to their customers with automated recurring transactions on various payment modes, through a platform that’s built for automation.

Need of Press Release and target audience

In order to make use of Foloosi- digital payment solution by all the individuals and retailers of UAE we are launching this press release. Our target audience includes from small startups to larger organizations. All can make use of this digital payment solution and enjoy transaction in a quick and easy manner.

Benefits for customers

  • Enjoy recharges, bill payments at the tap of your fingers
  • Book tickets for events
  • Scan and pay to businesses
  • Secure and easy digital transactions with history
  • Reward points and Local shopping

Benefits for business owners

  • Accept every payment
  • Fast bank settlements
  • Secure payment
  • Good success rate
  • Business growth insights
  • Increased revenue
  • Business management

What Founder says about Foloosi?

Or

Founder says…

Mr. Omar Bin Brek, founder of Foloosi says, “Our aim is to bring innovative payment transactions throughout UAE. We developed Foloosi technology platform in order to make transactions simple, fast and secure and to reform older method of transaction i.e. cash payments and our technological innovation solves the teething problem of processing payments”

Source :
https://www.zawya.com/mena/en/press-releases/story/What_is_Foloosi-ZAWYA20190427052837/

https://magnitt.com/news/heres-everything-you-need-know-about-foloosi-uae-fintech-startup-facilitating-consumer-business-card

© Press Release 2019