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 conveniently.
Foloosi has raised a seed fund of 500k USD from existing investor Rasheed Alfalasi along with new investor Mohammed Alsuwaidi. Around four months back Foloosi has raised a pre-seed fund from Angel fund investor Rasheed Alfalasi
Foloosi was founded in 2018 and launched its product in the year 2019 that enables simple and easy way to accept, process, disburses payment solution for businesses. It helps businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi’s payment solutions can be integrated by both web and mobile applications.
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.
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.
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
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.
enables businesses to go for a complete digital transformation
including paperless receipt checkout, which helps the society become
Foloosi CEO, Omar Bin Brek says…
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
The Investor Rashed
“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
Source : https://magnitt.com/news/uae-fintech-startup-foloosi-raises-pre-seed-funding