The UAE-based fintech company Omnispay, which is revolutionizing SME payments, announced today that it has raised $1.5 million in a seed funding round led by Singapore-based venture capital firm Mercatus Capital Pte. Ltd., with participation from both domestic and foreign investors. The money will further the GCC’s digital transformation agenda while expediting Omnispay’s objective to provide SMEs with a single platform for cash flow management, payment processing, and collection.
Despite an opportunity size of over $1.5 trillion annually, less than 5% of transactions in the GCC’s B2B payments landscape are digitalized. The company fills this critical gap. Omnispay now has a huge chance to promote digital adoption and open up SMEs’ economic potential. In contrast to rivals who only concentrate on collections, Omnispay integrates collect, pay, and borrow features—smartly designed to lower transaction costs, streamline cash flow management, and give SMEs a competitive advantage in a digital economy.
The platform is quickly becoming the preferred choice for SMEs, as evidenced by the 1,600+ businesses it has onboarded, the 40% monthly growth in processed volumes, and its 5-star Google customer rating. Omnispay’s mobile app breaks down language barriers for businesses throughout the United Arab Emirates by being the first in the region to support English, Arabic, and Malayalam. For the first time, more than 40% of its clients are taking digital payments.
According to the UAE Ministry of Economy, SMEs make up 94% of businesses and account for 40% of the country’s GDP. Vimal Kumar, co-founder and CEO of Omnispay, emphasized the significance of these businesses.
“SMEs are the backbone of the GCC economy, yet they’ve been underserved by legacy financial tools. By democratising access to digital payments, we believe we’re fuelling regional growth,” he says.
“This seed round serves as a powerful endorsement of omnispay’s vision and market fit,” says Simanta Das, Co-Founder & COO of omnispay. “We are thrilled to welcome Mercatus Capital and our other investors who share our belief in empowering SMEs through accessible, multilingual, and intelligent payment solutions. Our platform is designed to simplify the entire payment journey—from invoice management and smart efficiency tools to quick settlement, including responsible borrowing options.”
Digital payment adoption among SMEs rose by 60% after the pandemic, although it is still much lower in B2B settings than in B2C ones. In order to help SMEs fully embrace digital transformation and compete in a rapidly changing economy, Omnispay is uniquely positioned to bridge this gap by combining COLLECT (invoice management and digital collections), PAY (flexible payment methods and disbursements), and BORROW (future micro-lending functionality).
