Foloosi says it will let users complete their daily transactions without having to reach for their physical wallets. The idea is to act as a mobile wallet so users can carry their credit card or debit card information in a digital form.
In an interesting use of words, Foloosi explains that it provides gateway solutions to online businesses through its “progressive and award-charming technology”.
This gateway connects the buyer and agent for any online payment transaction. The value stored on the wallet can be paid in exchange for any goods or services purchased online.
Along with businesses, the start-up is targeting the “student” market. It seems the firm means children.
Foloosi says parents can send and track money to their “kids”. Features include a family allowance application to track stipends – “power to kids, no pestering for parents!”
There are also money-handling tips and child friendly stores. The latter will display kids’ toys and books, so they can spend their allowances under the parents’ control.
The company was founded by Omar Bin Brek. He is also currently listed as an entrepreneur at the Sharjah Entrepreneurship Centre in the UAE. Albreki says he is “refining and developing” Foloosi at the Sheraa incubator programme.
Prior to Foloosi, Bin Brek founded iDeliver2 in London. This was an “on-demand 24-hour delivery service” – such as for documents or food.
Bin Brek confirmed to FinTech Futures that the name Foloosi is a reference to “faloos” – Arabic for “money”.