Saudi Arabia-based fintech startup Nqoodlet has just closed a $3 million seed funding round, led by Waad Investments and backed by other key players like OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and more. This fresh capital injection marks a major milestone in the company’s mission to revolutionize financial management for SMEs across Saudi Arabia and the wider GCC region.
One Platform for All SME Finance Needs
Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet offers a robust financial operating system tailored specifically for small and medium-sized businesses. Their all-in-one platform provides:
- âś… Smart corporate cards
- âś… Real-time expense tracking
- âś… Automated VAT filing
- âś… Financial planning tools
The platform is designed to help businesses simplify operations, reduce inefficiencies, and gain full financial visibility — a much-needed upgrade in a region where SMEs have often been underserved.
Strong Early Impact
Nqoodlet has already made a measurable impact:
- Served over 600 SMEs across the region
- Delivered an 80% boost in financial operations speed
- Saved clients an average of SAR 200,000 per year, totaling over SAR 80 million in cumulative efficiencies
CEO Mohamed Milyani summed it up best:
“SMEs here are not just underserved — they’ve been overlooked for too long. This funding gives us the rocket fuel to scale faster, go deeper with banks, and bring financial clarity to thousands of businesses who deserve better.”
A Vision for the Future of SME Finance
Nqoodlet’s ultimate goal? To become the financial backbone for SMEs in the MENA region. The platform is laser-focused on solving long-standing pain points in the SME sector, including:
- Clarity – Real-time financial insights for smarter decision-making
- Control – Full oversight over every riyal spent
- Efficiency – Automation of taxes, bookkeeping, and expense management
- Resilience – Strong compliance and risk management tools
- Strategic Growth – Smarter financial governance for long-term scaling
What’s Next for Nqoodlet?
With this new round of funding, the company plans to:
- Expand its banking infrastructure across Saudi Arabia and the GCC
- Launch new features, like open banking integrations and advanced tax tools
- Deepen partnerships with banks, telecoms, and fintech ecosystems
- Grow its team by hiring top regional talent
- Double down on innovation to simplify SME financial management
As Yasser Alghamdi, Chief Investment Officer at Waad Investment, put it:
“Nqoodlet is not just building a product — they’re building the future of fintech in the region.”
The Bottom Line
Nqoodlet is tackling one of the biggest gaps in the MENA fintech space, reliable, intuitive financial tools for SMEs. With a strong leadership team, proven results, and fresh funding, the startup is ready to scale and shape the future of finance for the region’s backbone businesses.