Fintech Startup Nqoodlet Raises $3M to Expand Smart Expense Solutions Across the Gulf

Saudi fintech startup Nqoodlet is making waves in the regional financial tech scene after securing $3 million in seed funding. The investment round was spearheaded by Waad Investment and attracted support from a lineup of high-profile backers, including 500 Sanabil Investment, Omantel, OQAL Angel Investors Network, and SEED Holding.

At its core, Nqoodlet aims to simplify financial operations for small and medium-sized enterprises (SMEs) — a segment that often struggles with outdated systems and limited financial tools. The platform provides smart expense cards that offer real-time tracking, automation features for managing finances, and a dedicated service center to streamline back-office operations.

In just a short time, Nqoodlet has already helped over 600 SMEs across the region gain tighter control over their spending and financial planning. With the fresh injection of capital, the company plans to level up its tech infrastructure in Saudi Arabia and the wider Gulf Cooperation Council (GCC). It’s also preparing to launch a new suite of products, including open banking integrations, automated tax reporting tools, and features for long-term financial planning.

The startup is the brainchild of Mohamed M. and Yara Ghouth, who saw a clear gap in the market for practical, tech-driven solutions tailored to the needs of growing businesses. Their vision is now gaining traction at a time when the GCC is rapidly evolving into a hotbed for digital financial innovation.

With this latest round, Nqoodlet is positioning itself not just as a finance tool—but as a partner to SMEs looking to modernize how they manage money. The company’s next chapter will focus on delivering even more intelligent tools that align with the region’s shift toward open banking and digital-first finance.