The Jordan-based business InvoiceQ, which specializes in software as a service (SaaS) for e-invoicing and integration solutions, has raised US $1.2 million in a pre-series A funding round. Several Jordan-based investors participated in the round, including Natej Soft, several angel investors, Oasis 500, Orange VC, and Flat6Labs.
With the assistance of Kassim Legal, a boutique law firm that focuses on startups, entrepreneurs, and emerging enterprises, InvoiceQ completed the investment process.
Currently operating in Jordan and Saudi Arabia, InvoiceQ was co-founded in 2020 by Muhannad Tobal (CEO), Fadi Al-Jabali (CTO), Amer Ayyad (COO), and Mohammad Baseet (General Manager). In order to transform the way that invoices are handled and shared throughout the region, its e-invoicing solutions are designed to meet the unique needs of each nation.
In an effort to offer state-of-the-art e-invoicing solutions to a larger clientele, the company’s plans to expand geographically, including plans to enter Oman, Egypt, the UAE, and the wider GCC, are anticipated to be funded in part by the new capital.
“We have issued over 50 million invoices to date, saving our clients a lot in the process,” said Tobal in a statement. “This investment will empower us to expand our client base and drive significant growth in Saudi Arabia and the MENA region, where the demand for digital invoicing solutions is rapidly increasing.”
In an effort to streamline the payment collection process for businesses and guarantee real-time reconciliation, the InvoiceQ system was created to support a variety of payment gateways, including SADAD, a digital payments platform based in Saudi Arabia, and eFAWATEERcom, a digital payments platform based in Jordan. It also supports payment collections through flexible options like Visa and Mastercard.
InvoiceQ has also received official recognition in the markets where it currently operates, including from the Income and Sales Tax Department (ISTD) in Jordan and the Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia. Thus, businesses can comply with tax authorities, receive dynamic system integrations, and have sophisticated customization options with InvoiceQ’s solutions.
By automating manual procedures, the system boosts productivity, reduces errors, and delivers precise data reports instantly.
With more than 50 million invoices issued and an estimated $6 billion in total invoice value, InvoiceQ has already accomplished a number of significant milestones in the e-invoicing sector since its founding. With its cutting-edge solutions, the company has assisted more than 250 clients from a variety of business sectors and geographical areas in saving a substantial amount of time and money.
The InvoiceQ team is committed to delivering e-invoicing solutions that are easy to use and suitable for companies of all sizes and in all industries in the region.
“This is what pushes us to develop customer-centric alternatives capable of meeting global systems’ demands according to each country’s local tax regulations and legislation,” Tobal added. “Developing technology that empowers all business users to manage invoices electronically with the minimum effort needed and maximum output received through solutions that prioritise each business specific needs. This achievement [the pre-Series A investment] now unlocks the door for new opportunities and helps businesses embark on this new revolution in the e-invoicing industry through solutions that consider simplicity, speed, and real-time updates for e-payment solutions.”
