UAE’s fintech Foloosi raises 2 million dollars in Pre-Series
Foloosi is a UAE-based fintech startup has announced that the company has raised 2 million dollars in its Pre-Series A funding round. Sources have stated that this funding has been led by some angel investors from Abu Dhabi. The company has also stated that it is very optimistic about establishing itself as an online payment enabler in the UAE. The company also aims to empower SMEs to track, automate, and accelerate every aspect of sales and purchase transactions through a single platform.
The company has also stated that the fund they have been able to raise will help the launch of its flagship “Tap on Phone” feature. To enable this feature as soon as possible Foloosi has already partnered with Visa officially and soon they are going to partner with MasterCard. Because they want to offer this innovation in the market by partnering with local financial institutions.
Foloosi “Tap on Phone” is a contactless payment technology. This method of payment lets users pay just by tapping their card on the seller’s or merchant’s smartphone. Foloosi has also worked on setting up this technology in users smartphones. This method is very easy to set up on any smartphone device. This is also a secure method that provides a secure payment solution to smart users.
Foloosi has also aimed to spread its business in the Middle East region and serve the local consumers. Though Foloosi has set a different goal than the other big international payment market leaders as they are trying to find their way into the UAE as UAE holds the golden key that will unlock unlimited opportunities.
The CEO of Foloosi, Omar Bin Brek, has also stated that “By this funding round and over the next couple of years, we will be working directly on giving Foloosi the go-ahead to expand its service footprints across Saudi Arabia, Egypt, Qatar and the rest of MENA and continue to offer exciting new platforms to make it easier and safer for customer experience and SME growth prospects.”
As we can assume from the CEO himself about his goal for his company. In today’s world, the need for smart payment systems is increasing than ever. The Covid-19 virus and the ongoing lockdown due to this reason have only developed more needs for these types of payment methods. As we are maintaining social distancing to secure ourselves and our families from the disease, Foloosi has shown a way as to how we can use the digital platform for our payment and our payment will be done securely.
This idea created by the Foloosi team deserves much appreciation. Foloosi has also confirmed that they want to focus more on the security of their consumers. The smart technology users of UAE are grateful to Foloosi for their thought and make the “Tap on Phone” technology work. This method has also opened new payment gateways for the people of the UAE. This method has also proved to be effective in giving the users enough security for mobile contactless payment.