UAE fintech startup Foloosi raises $500K in a SEED funding round

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.

Foloosi connects merchants with customers while giving an easy way to make payments. We see solid interest from businesses in the UAE for this service, with the transaction volumes reliably growing at above 40 per cent month-on-month. Transacting millions of dirham’s of sales every month was a key achievement for us as the business keeps on growing.

We have achieved one million + AED revenue rate at the end of July 2019 and 300+ businesses signed up to accept card payments and 2000+ users paid through Foloosi to partner businesses. 

We are the only startup in UAE providing many billing solutions facilities and few of them are du top up and bills, Etisalat top up & bill, FEWA, Mawaqif topup, Mawaqif fine, National bond, NOL card, Ajman direct etc.

Products of Foloosi

QR code

Retailers can accept payment easily from customers just by generating one QR code.

Payment link

Sending a payment request and get paid instantly using Foloosi’s payment link.

Payment gateway

Retailers can accept payments in their mobile app/ website with Foloosi payment gateway and customers can pay using this gateway.

Subscription

Enable recurring payment schedule, control the billing cycle and get instant alerts on subscription activity with Foloosi’s Subscriptions.

Multiple currency support

Foloosi supports 150+ currencies for international digital payments, including major currencies like USD, Euro, Pound, and INR.

Foloosi’s POS software helps to manage your business on your device. Also adjust items, manage employees, and see real time reports from anywhere.

In future, Foloosi has planned to launch a business page consisting of detailed information about the business, geo locations and customers can pay using online store without scanning.

The projected revenue was 3M AED by December 2019. The projected revenue for the upcoming year 2020 was 2.5 million AED per month.  As of now our target is GCC countries and soon we have planned to start in Saudi Arabia

Founder/CEO of Foloosi
Omar Bin Brek

“With the support of our strategic investors, we are accelerating the development of our product further in this digital world”

CTO/Co-Founder of Foloosi Mohan K

We conclude that Foloosi’s main target is to provide payment solution for all financial sectors including small, medium and large Enterprises.

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

Fintech firms to benefit from DIFC $100m fund

Fintech Fund (DIFC)

Dubai:  Dubai International Financial Centre’s (DIFC) new $100 million (Dh367 million) FinTech fund, which will come from internal resources, will support Fintech Hive start-ups in Artificial Intelligence, blockchain, robotics, DIFC governor Essa Kazim said on Tuesday.

He was speaking at the Global Financial Forum, which was opened by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and the president of DIFC.

DIFC thinks that fintech is “underserviced” and the allocation of funding going into this new business is “very very limited” in the MEASA region, accounting to less than 1 per cent of the total.

DIFC Fintech Fund

“We are ready to spend the money. But it will depend on opportunities and if it makes commercial sense,” Kazim told reporters. “We want to consolidate the position of the DIFC and to be at the forefront of the changes that may happen in the financial sector.”

The fund can grow bigger, Kazim said.

“We have been talking with some government departments at federal level, or local level. If the interest materialises into anything then definitely the structure of the fund will be different,” he said.

“We don’t mind having other entities mainly government or semi government entities to participate in this fund. Today the fund is sufficient to support our own initiatives whether it is development of Fintech hive, the type of companies that are going to be supported by accelerator,” Kazim added.

Importance of Fintech

The 2024 strategy, which was a 10-year plan of the DIFC to triple its size, was launched 3 years ago, but Kazim didn’t envisage that Fintech would have been a part of the strategy, when the announcement was made.

“There is a new order that global financial services industry needs to navigate … the new alliances are being forged. The rapid emergence of advanced technology in all areas of finance is creating shifts like never before in the industry,” Kazim said.

Updating on the achievements made so far in the 10 year strategy rolled out in 2015, Kazim said “We are on track (in terms of meeting targets for the 10 year strategy). In certain areas we have passed our targets, but other areas we are lagging behind in area of employment. Although the number of licenses are on track attracting companies, but there is a little lag (not significant) in terms of employment,” said Kazim.

Falling oil prices has not been a negative for the center to attract businesses. Before the drop in oil price, the DIFC licensed 150 companies a year on an average, after that the average jumped to 300 companies.

“That (funding) element has encouraged banks to really expand their balance-sheet and provide credit to regional governments. Governments have been active in issuing bonds and sukuk and that also encouraged financial activities in the DIFC,” Kazim said.

DIFC also hopes to attract more asset managers, financial institutions from India and China.

Regarding competition from other financial centers, Kazim said “competition is always there. The UAE was built on competition and on market forces. We have 5 airports, and 7 ports, and financial activity is one of those things. We don’t fear competition, and it is always good.”

Source :
https://gulfnews.com/business/markets/fintech-firms-to-benefit-from-difc-100m-fund-1.2124444

List of Best Payment Gateways For UAE

What is Payment Gateway?

Payment gateways are a standout amongst the most essential highlights of any online internet business store. The principle inspiration driving the achievement of any online business is, the means by which well clients are changing over. Presently for clients to really purchase anything from your site, first they need trust in your store. Payment gateways can assist you with developing that trust. As indicated by Woocommerce having an appropriately set-up payment gateway door framework makes dependability as well as essentially drops the relinquished truck rate.

To get your bit of pie it is critical for you to invest some energy in choosing which payment gateways passages you should offer on your store. There are such a significant number of choices for payment gateways entryways that it winds up hard to pick one as you need to see your own comfort just as clients. We have recorded beneath probably the best Payment gateways with their upsides and downsides, this will assist you with deciding what you need and what you don’t.

In UAE, payment gateway is provided only for those who owns a business or run a reputed website/ app. Payment gateway will not be provided for the individuals, merchants who run a business without a website.

List of Payment Gateways in UAE

1. Foloosi

Foloosi Technology, a payment gateway UAE brings to you easy to use options that are designed to be accessible, convenient and simple backed by reputed partners to provide security and a credible and reliable customer experience.

Foloosi - Logo

For Android :
https://play.google.com/store/apps/details?id=com.foloosi.customer&hl=en

For iOS :
https://itunes.apple.com/us/app/foloosi/id1424241732?ls=1&mt=8

Foloosi Technology, online payment gateway UAE provides a convenient way for a user to make in – store payments and can be used at business listed with the Foloosi Technology service provider.

2. Telr

At first known as Innovate Payments, it was once considered as a standout amongst the best new businesses of UAE. Telr offers its administration in excess of 120 monetary forms around the world. One of the remarkable highlights of Telr is that they offer their administrations in creating nations like Indonesia and Pakistan. Their yearly support cost is $ 95, $27 and $13.5 for section, little and medium dimension accounts separately.

There is additionally no charges on the settlement to the trader represent the section level arrangement. Their administration charges are referenced underneath: