Foloosi, a UAE-based FinTech startup specializing in consumer-to-business card payments, has announced it raised $500k in a seed round from a combination of new and existing investors. Rasheed Alfalasi, who had invested in the company’s pre-seed round about four months back, was one of the major contributors in this latest round along with new investor Mohammed Alsuwaidi.
Founded in 2018, Foloosi officially launched its product earlier this year promising an easy and convenient way to accept, process, and disburse payments for businesses. Foloosi’s business customers can use the company’s proprietary QR code, payment link, and API integration solutions.
Additionally, Foloosi’s products are optimized for both web and mobile app integration.
Overall, the startup’s focus is to facilitate an all-in-one platform that not only makes payments processing easy for businesses, but also enables business owners to manage employees, adjust items, and gather real-time reports from anywhere, anytime.
As of today, Foloosi extends support to more than 150 global fiats including all major currencies such as USD, Euro, Pound, and INR.
“With the support of our strategic investors, we are accelerating the development of our product further in this digital world,” said Foloosi CTO, Mohan K.
With more than 300 businesses already joining the Foloosi network, the net revenue accumulated by the company at the end of Jul 2019 stood at 1 million AED.