Saudi Fintech Startup Nqoodlet Raises $3 Million to Revolutionize SME Financial Management

Saudi Arabian fintech startup Nqoodlet has secured $3 million in seed funding to advance its mission of transforming financial operations for small and medium-sized enterprises (SMEs) in the Kingdom and across the Gulf Cooperation Council (GCC) region.

The funding round was led by Waad Investments and included participation from Omantel, Sanabil 500 Investment, OQAL, Seed Holding, and other strategic investors. The capital injection will help Nqoodlet scale its platform, strengthen partnerships with banks, and expand its suite of financial automation tools.

Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet provides SMEs with an all-in-one digital financial platform. Its services include smart corporate cards, real-time expense tracking, and automated financial workflows—features designed to simplify business operations and improve financial visibility.

“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,” said co-founder Milyani in a statement.

Since its launch, Nqoodlet has attracted over 600 SME clients, with the company reporting significant efficiency gains. According to internal data, SMEs using the platform have seen an average 80% improvement in process efficiency and cost savings of up to SR200,000 ($53,330) annually.

Investors are bullish on the startup’s potential to reshape the fintech landscape in the region. “They are not just building a product — they are building an entirely new future for financial technology,” said Yaser Al-Ghamdi, Chief Investment Officer at Waad Investments.

The company plans to use the new capital to enhance its technology infrastructure, integrate open banking features, and develop automated tax compliance tools. It also aims to deepen its presence in the GCC fintech ecosystem through new partnerships and market expansions.

“This isn’t just a funding round. It’s a statement: the GCC is ready for the next generation of fintech,” said co-founder Yara Ghouth.

With the region’s growing appetite for financial innovation, Nqoodlet’s seed funding marks a significant step toward modernizing SME financial management and positioning Saudi Arabia as a key player in the global fintech arena.