Saudi-based fintech platform Nqoodlet has raised US$3 million in a seed funding round led by Waad Investments.

Other investors included OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and additional participants.

Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet offers financial management tools designed for small and medium enterprises (SMEs) in Saudi Arabia and the Gulf Cooperation Council (GCC).

The company reports that it has supported over 600 SMEs.

It has improved the speed of financial operations by 80% and achieved significant cost savings for clients.

Nqoodlet plans to use the investment to expand its banking infrastructure, introduce new product features, and strengthen partnerships with banks and other ecosystem players.

🔗 Source: Nqoodlet

🧠 Food for thought

1️⃣ Saudi Arabia’s strategic push to close the SME financing gap

Nqoodlet’s funding comes at a strategic time when Saudi Arabia is actively working to enhance SME financial inclusion through Vision 2030.

The Kingdom aims to increase SME contribution to GDP to 35% and has directed that 20% of loan portfolios should go to SMEs by 2030, creating a supportive environment for fintech solutions like Nqoodlet 1.

This government backing is showing results, with MSME credit in Saudi Arabia surging 22.6% year-on-year to SR329.2 billion (~$88 billion), demonstrating the growing market Nqoodlet is entering 1.

SMEs represent approximately 90% of all businesses in the Arab region, yet they have historically faced significant financing challenges and bureaucratic hurdles that hinder their growth 2.

By focusing on expense management automation and financial clarity, Nqoodlet is addressing specific pain points that have prevented SMEs from scaling efficiently in the region.

2️⃣ GCC’s fintech explosion is transforming SME financial services

Nqoodlet is part of a broader fintech revolution in the GCC, where the market size reached $169.92 billion in 2023, growing at a remarkable year-on-year rate of 27.8% 3.