Foloosi, a UAE-based Fintech startup that enables merchants and businesses to accept and collect payments from customers, has raised a $2M Pre-Series A funding round, led by angel investors from Abu Dhabi, with participation from investors Rasheed Alfalasi and Mohammed Alsuwaidi.
Enabling consumers to make payments in seconds by tapping their card against vendors’ smartphones, which primarily acts as a POS terminal. Foloosi focuses on eliminating swipe machines and POS terminals. The startup has partnered with UAE bank Network International and accepts the bank cards of Visa / MasterCard for online payments directly in the UAE marketplace
Omar Bin Brek, Foloosi CEO commented “Digital payment is the next game-changer across the Fintech fraternity, and we are pleased in offering an efficient and affordable payment solution for all business classes. Our solution is getting upgraded and updated promptly in relation to the market trends.”
Foloosi will utilise the investment to work on launching their flagship “Tap on Phone” service and expanding to Saudi Arabia, Oman and Qatar.