Saudi Arabia-based fintech company Nqoodlet has raised $3 million in a seed funding round. The investment was led by Waad Investments, with support from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other investors.
Mohamed Milyani and Yara Ghouth started Nqoodlet. The company helps small and medium-sized businesses in Saudi Arabia and the Gulf region manage their finances. It offers tools like smart business cards, real-time expense tracking, automatic VAT filing, and financial planning. These services help businesses stay organized, save time, and have better control over their money.
The money raised will help Nqoodlet improve its banking system, add new features like open banking and automatic tax reporting, hire more team members, and build stronger partnerships with banks and other companies. This supports Nqoodlet’s goal to become the primary financial support system for small and medium businesses in the region.
In late 2021, NQOODLET closed its pre-seed round at $1 million.
Press release:
Nqoodlet, a fintech company from Saudi Arabia that helps small and medium businesses manage their finances, has successfully raised $3 million in seed funding. The funding round was led by Waad Investments, with support from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other investors.
Mohamed Milyani and Yara Ghouth started Nqoodlet to help small and medium businesses in Saudi Arabia and the Gulf region manage their finances more easily. Their platform offers smart business cards, live expense tracking, automated financial tools, and a one-stop hub for business services—all in one easy-to-use system.
Nqoodlet’s goal is clear and bold: to remove financial confusion so businesses can focus on growing instead of dealing with paperwork.
Since its inception, Nqoodlet has helped more than 600 small and medium businesses in the region better manage their finances. Businesses using the platform say their financial tasks are now 80% faster, and they save around 200,000 SAR each year. Altogether, this has added up to over 80 million SAR in savings through more efficient expense management.
“Small and medium businesses here haven’t just been underserved — they’ve been ignored for too long. Nqoodlet is here to change that. This funding gives us the boost we need to grow faster, work more closely with banks, and help thousands of businesses get the financial support they deserve.”
— Mohamed Milyani, CEO & Co-founder of Nqoodlet
Nqoodlet’s Vision: Building the Financial Backbone of the GCC
Financial operations are key to keeping any business running, growing, and making a difference in the long term. However, in the GCC, small and medium enterprises still struggle with scattered tools, old-fashioned rules, and complicated systems.
Nqoodlet is building the first proper financial operating system for SMEs in the Middle East — empowering businesses with:
Clarity — Transparent, real-time financial insights to drive smarter decisions.
Control — Full accountability over every riyal spent.
Efficiency — Automatic expense tracking, VAT filing, accounting, and financial planning.
Resilience — Regulatory compliance, fraud prevention, and proactive financial risk management.
At its heart, Nqoodlet’s mission is not just about handling money — it’s about helping businesses gain clarity, control, and confidence so they can grow faster, worry less, and achieve more success.
“We decided to lead Nqoodlet’s seed funding because we believe they’re not just creating a product — they’re creating a whole new future for financial technology. With Mohamed Milyani and Yara Ghouth leading the team, Nqoodlet has turned the everyday problems small businesses face into smart, simple, and effective solutions.”
Their intense focus on creating great products, along with how smoothly they integrate technology into financial processes, shows precisely the kind of companies we want to support. Nqoodlet is on track to become a top innovator in the region, and we’re excited to be part of this vital journey.
— Yasser Alghamdi, Chief Investment Officer of Waad Investment
What’s Next for Nqoodlet?
With this new investment, Nqoodlet will:
Grow its banking system across Saudi Arabia and the rest of the Gulf region.
Introduce new features, such as open banking, automatic tax reporting, and advanced financial planning tools.
Speed up partnerships with banks, telecom companies, and other businesses supporting SMEs.
Hire top talent from the region in areas like technology, finance, and customer support.
Focus even more on its goal of making financial operations easy for small and medium businesses.
“This isn’t just about raising money. It’s a message: the GCC is ready for the next wave of fintech, and we’re leading the way. We want to make sure every business — from small startups to fast-growing SMEs — has access to financial tools that are quick, easy to use, and designed for growth.”
— Yara Ghouth, Co-founder of Nqoodlet.
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