Foloosi, a Dubai-based fintech startup, has raised $2 million in a new Pre-Series A round of funding to finance its flagship “Tap on Phone” feature.
The Dubai International Financial Center (DIFC)-headquartered fintech startup is establishing itself as an online payment enabler in the country by supporting small and medium-sized enterprises (SMEs) to track, automate and accelerate every aspect of sales and purchase transactions through a single platform.
Foloosi has also partnered with the global financial services company Visa officially, and soon it will join with MasterCard, to offer the innovative “Tap on Phone” feature in the market with the support of the local financial institutions.
The “Tap on Phone” contactless payment technology of Foloosi lets users make payments by just tapping their card on the seller’s or merchant’s smartphone. The feature is easy to set up on any smartphone device and it ensures a secure payment solution for the users.
Even though the international payment market leaders are finding their way into the UAE, by bringing these innovative solutions Foloosi aims to follow the success of Stripe and to serve the Middle East region.
The CEO of Foloosi, Omar Bin Brek says that by this funding round and over the next couple of years, “we will be working directly on giving Foloosi the go-ahead to expand its service footprints across Saudi Arabia, Egypt, Qatar and the rest of MENA region and continue to offer exciting new platforms to make it easier and safer for customer experience and SME growth prospects.”