Nqoodlet Company Profile

Background

Overview

Nqoodlet is a Saudi-based fintech company dedicated to transforming financial operations for small and medium-sized enterprises (SMEs) across Saudi Arabia and the Gulf Cooperation Council (GCC) region. Founded in 2021 by Mohamed Milyani and Yara Ghouth, the company offers an integrated digital platform that includes smart corporate cards, real-time expense tracking, VAT automation, and financial management tools. Nqoodlet's mission is to eliminate financial chaos and empower businesses to focus on growth rather than administrative tasks.

Mission and Vision

Nqoodlet's mission is to simplify financial operations for SMEs, providing them with the clarity, control, and tools necessary for sustainable growth. The company's vision is to become the leading innovator in the fintech sector, offering solutions that address the unique challenges faced by SMEs in the region.

Industry Significance

SMEs constitute over 90% of the private sector in Saudi Arabia, playing a crucial role in economic growth, innovation, and job creation. Despite their significance, many SMEs struggle with fragmented financial systems and limited access to modern fintech solutions. Nqoodlet addresses these challenges by providing a comprehensive platform that streamlines financial operations, thereby enhancing the efficiency and competitiveness of SMEs in the region.

Key Strategic Focus

Core Objectives

Financial Simplification: Streamline financial operations for SMEs to reduce complexity and administrative burden.

Cost Efficiency: Enable businesses to achieve significant cost savings through automated financial processes.

Growth Facilitation: Provide tools that support the scalability and growth of SMEs in the competitive GCC market.

Areas of Specialization

Expense Management: Offer smart corporate cards and real-time expense tracking to monitor and control spending.

Financial Automation: Automate VAT filing, bookkeeping, and financial planning to reduce manual processes.

Integrated Financial Services: Provide a unified platform that combines various financial tools tailored for SMEs.

Key Technologies Utilized

Open Banking Integrations: Enhance connectivity with financial institutions to provide seamless financial data access.

AI-Powered Analytics: Utilize artificial intelligence to offer insights and predictive analytics for better financial decision-making.

Automated Compliance Tools: Implement systems that ensure adherence to regional financial regulations and standards.

Primary Markets Targeted

Saudi Arabia: Focus on the largest SME market in the GCC region.

GCC Region: Expand services to other GCC countries, leveraging regional economic integration.

Financials and Funding

Funding History

Pre-Seed Round (2021): Raised $1 million led by angel investor Yaser Alghamdi, with participation from Saudi Venture Capital Company (SVC) and OMQ Investments.

Seed Round (May 2025): Secured $3 million led by Waad Investments, with participation from Omantel, 500 Sanabil Investment, Oqal, Seed Holding, and other strategic investors.

Total Funds Raised

$4 million

Utilization of Capital

Product Development: Enhance platform features, including open banking integrations and automated tax reporting.

Infrastructure Expansion: Strengthen banking infrastructure and establish strategic partnerships within the regional fintech ecosystem.

Team Growth: Recruit top talent in technology, product development, and customer experience to support scaling operations.

Pipeline Development

Key Pipeline Candidates

Open Banking Integrations: Develop direct integrations with open banking systems to provide seamless financial data access.

Automated Tax Solutions: Create tools for automated VAT filing and tax compliance to simplify financial processes for SMEs.

AI-Powered Financial Planning: Implement artificial intelligence to offer predictive analytics and strategic financial insights.

Stages of Development

Open Banking Integrations: In development, with plans for launch in the near future.

Automated Tax Solutions: In development, with anticipated rollout following open banking integrations.

AI-Powered Financial Planning: In conceptualization, with development to commence post-integration of foundational tools.

Target Conditions

SME Financial Management: Address the complexities and inefficiencies in financial operations faced by small and medium-sized enterprises.

Anticipated Milestones

Open Banking Integrations: Expected to enhance platform connectivity and data accessibility within the next 6-12 months.

Automated Tax Solutions: Projected to streamline tax compliance processes for SMEs within the next 12-18 months.

AI-Powered Financial Planning: Anticipated to provide advanced financial insights and planning capabilities within the next 18-24 months.

Technological Platform and Innovation

Proprietary Technologies

Smart Corporate Cards: Offer unlimited physical and virtual cards for employees, enabling real-time expense tracking and control.

Automated Financial Workflows: Streamline processes such as VAT filing, bookkeeping, and financial planning through automation.

Significant Scientific Methods

AI-Powered Analytics: Utilize artificial intelligence to provide predictive insights and strategic financial planning.

Open Banking Integrations: Enhance connectivity with financial institutions to provide seamless financial data access.

Leadership Team

Mohamed Milyani – CEO & Co-founder

Professional Background: Extensive experience in fintech and financial management, with a focus on SME solutions.

Key Contributions: Led the development and scaling of Nqoodlet's platform, securing significant funding and partnerships.

Yara Ghouth – Co-founder

Professional Background: Background in technology and business development, with expertise in fintech innovations.

Key Contributions: Instrumental in product development and strategic partnerships, driving Nqoodlet's growth and market presence.

Market Insights and Competitor Profile

Market Size

The SME sector in Saudi Arabia comprises approximately 600,000 businesses, generating about $89 billion in revenue and employing 8 million individuals.

Growth Potential

The increasing adoption of digital financial solutions presents significant growth opportunities for fintech companies targeting SMEs. Industry trends show a shift towards automation, AI integration, and open banking, transforming financial management for SMEs in the region.

Competitor Analysis

Competitor 1: Offers expense management solutions with a focus on real-time tracking and reporting.

Competitor 2: Provides corporate card services integrated with financial management tools for SMEs.

Competitor 3: Specializes in automated tax compliance and financial planning solutions for small businesses.

Strategic Collaborations and Partnerships

Nqoodlet has partnered with SimpliFi to enhance card issuance capabilities, providing a seamless experience for its users.

Operational Insights

Nqoodlet positions itself as a comprehensive financial operating system for SMEs, differentiating through its integrated platform and focus on automation. Key competitive advantages include proprietary technologies, strategic partnerships, and a deep understanding of SME needs in the GCC region.

Strategic Opportunities and Future Directions

Strategic Roadmap

Product Expansion: Develop and launch new features such as open banking integrations, automated tax solutions, and AI-powered financial planning tools.

Market Expansion: Extend services to additional GCC countries, leveraging regional economic integration.

Partnership Development: Forge new partnerships with banks, telecom providers, and SME support entities to enhance service offerings.

Future Business Directions

Innovation Leadership: Continue to lead in fintech innovation by developing solutions that address emerging challenges in SME financial management.