Saudi Fintech Nqoodlet Closes $3 Million Investment Round

Nqoodlet, KSA’s Leading Business Prepaid Card Solution, has successfully closed a $3 million seed funding round, led by Waad Investment, with participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding Company and several strategic angel investors.

Through this funding, Nqoodlet aims to accelerate its growth in the fintech sector by advancing product development, expanding its customer base, and strengthening its regional footprint. The company emphasized that the investment will play a pivotal role in supporting its strategic plans in the coming period, with a strong focus on innovation and delivering secure, practical financial solutions for startups and mid-sized businesses.

Yasser Alghamdi, Chief Investment Officer of Waad Investment, comments: “We chose to lead Nqoodlet’s seed round because we believe they are not just building a product — they are building an entirely new future for financial technology. Under the leadership of Mohamed Milyani and Yara Ghouth, the Nqoodlet team has successfully transformed the everyday challenges faced by SMEs into smart, advanced, and easy-to-use solutions.

Their strong focus on product excellence, combined with their seamless integration of technology into financial operations, perfectly reflects the type of companies we seek to support. Today, Nqoodlet is on its way to becoming the leading innovator in the region, and we are excited to be part of this game-changing journey.”

“SMEs here are not just underserved — they’ve been overlooked for too long. Nqoodlet is changing that. 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,” says Mohamed Milyani, CEO & Co-founder of Nqoodlet.

Nqoodlet’s The All In One platform delivers a powerful suite of services that includes:

• Smart corporate cards with real-time spend control
• Automated VAT filing and accounting
• Open banking integrations
• Tools for financial reporting and strategic planning
• An open marketplace of high-quality services tailored to SME growth

By combining banking infrastructure, financial automation, and intelligent data analytics into a single platform, Nqoodlet enables businesses to move faster, gain more control, and reduce reliance on manual processes.