In a significant boost to Saudi Arabia’s FinTech sector, Wosul Payments, a Saudi-based startup, has successfully raised $3.2 million in a seed round, marking a major milestone for Wosul. The funding round was led by Khalab’s company and a group of angel investors from the FinTech and retail industries.
Since its establishment in 2020 by Fahd Alghamdi, Wosul has been revolutionizing the digital payments landscape with its cloud-based point-of-sale (POS) system. This innovative solution empowers merchants to seamlessly accept digital transactions both online and in-store, positioning them at the forefront of the rapidly evolving payment ecosystem.
Wosul founder and CEO, Fahad Alghamdi, commented: “We’re seeking to empower the technical development in the payments services, expand in new areas and develop digital payment to cover all the needs of retail merchants using these recently acquired funds.”
Wosul’s remarkable achievements not only propel the company’s growth but also align perfectly with the ambitious objectives of Saudi Arabia’s Vision 2030. This transformative initiative is driving the country’s digital transformation journey and fostering economic growth by encouraging innovation in the fintech sector.
With the latest funding secured, Wosul Payments is well-positioned to catalyze the fintech revolution in Saudi Arabia, empowering merchants and paving the way for a future fueled by seamless digital payments.