Saudi-based FinTech company Nqoodlet, which provides an integrated financial operating system for small and medium-sized enterprises (SMEs), has raised $3m in a seed funding round.
The investment was led by Waad Investment and included participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding Company, and several strategic angel investors.
Nqoodlet offers a comprehensive digital platform designed to simplify financial operations for SMEs across Saudi Arabia and the wider MENA region. The company combines smart corporate cards, automated VAT and accounting tools, open banking integrations, and an open marketplace of services tailored to SME needs.
With the new capital, Nqoodlet plans to advance product development, boost its infrastructure and strategic partnerships, and strengthen its team. As part of expanding its platform, the FinTech is exploring direct integrations with open banking systems, automated tools for accounting and VAT, AI-powered financial analysis and planning systems and a tailored financial services platform for SME-specific needs.
Nqoodlet’s platform is aimed at eliminating operational inefficiencies and giving SMEs real-time financial control. So far, the company has supported more than 600 businesses, helping them save over 80m SAR in operating costs through automation and smart spend management.
Waad Investment chief investment officer Yasser Alghamdi said, “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.”
Nqoodlet CEO and co-founder Mohamed Milyani added, “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.”
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