Foloosi has raised $2 Million in a Pre-Series A round of funding, led by angel investors from Abu Dhabi. This AED 7.4 Million funding round will assist Foloosi to work on launching their flagship “Tap on Phone” feature, which utilizes contactless payment technology to allow users to pay for goods and services just by tapping their card on the seller's or merchant’s smartphone.
Foloosi has also partnered with Visa officially, and soon MasterCard, to offer this innovation in the market in partnership with local financial institutions.
Foloosi aims to establish itself as an online payment enabler in the UAE, empowering SMEs to track, automate, and accelerate every aspect of sales and purchase transactions through a single platform.
Even though big international payment market leaders are finding their way into the UAE, Foloosi aims to follow the success of Stripe and to serve the Middle East region.
Foloosi CEO, Omar Bin Brek, said: “By this funding round and over the next couple of years, we will be working directly on giving Foloosi the go-aheads 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.”