Foloosi is establishing 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.
Foloosi has raised 2 Million USD new Pre-Series A round of funding led by angel investors from Abu Dhabi. This 7.4 Million AED funding will assist Foloosi to work on launching our flagship “Tap on Phone” feature.
Foloosi has also partnered with Visa officially, and soon MasterCard, to offer this innovation in the market in partnership with local financial institutions.
Foloosi “Tap on Phone” contactless payment technology lets users pay just by tapping their card on the seller's or merchant’s smartphone. Easy to set up on any smartphone device and provides a secure payment solution for the next billion users.
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 says
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 forcustomer experience and SME growth prospects.