Saudi Arabian fintech startup Nqoodlet has raised $3 million in a seed funding round led by Waad Investment, with participation from Omantel, 500 Sanabil, Oqal, Seed Holding Company, and several strategic angel investors, the company said in a statement.
The funding will be used to accelerate product development, grow the team, and expand the company’s presence across Saudi Arabia and the broader Middle East and North Africa (MENA) region.
Nqoodlet provides an integrated financial operating system tailored for small and medium-sized enterprises (SMEs), offering tools such as automated accounting, VAT filing, open banking integrations, and smart corporate cards.
Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet aims to simplify financial operations for SMEs, which remain underserved despite being critical to economic growth in the region.
The platform combines real-time financial insights, AI-powered planning, and automated compliance features to reduce manual processes and enhance financial control for businesses.
The company said the funding would be allocated across three key areas: expanding product capabilities with features like AI-driven analytics and VAT automation; strengthening infrastructure through partnerships with banks, telecom firms, and SME support entities; and hiring top talent in product development and customer experience.
As of 2025, Nqoodlet claims to have helped over 600 SMEs save more than 80 million Saudi riyals ($21.3 million) in operating costs.
The startup sees growing demand for digital financial solutions as traditional financial institutions continue to underserve the SME segment, despite a significant funding gap in the region.
Waad Investment’s Chief Investment Officer Yasser Alghamdi said Nqoodlet aligns with the firm’s strategy of backing companies driving fintech innovation in the GCC. The fund expressed confidence in Nqoodlet’s leadership and its ability to reshape SME finance in the region.
The company said the seed round marks the beginning of a broader push to deliver secure, scalable, and accessible financial tools for startups and fast-growing businesses in the Gulf.
