The $2.25 million pre-seed funding round for OCTA, a fintech startup aimed at transforming accounts receivable management for small and medium-sized businesses (SMEs), has closed. Quona Capital and Sadu Capital co-led the round. Sukna Ventures, Plus VC, 500 Global, and prominent angel investors, such as Dom Monhardt, Tap Payments’ director of product design, and Pawel Iwanow, Fresha’s chief payment officer, also participated in the round.
Early in 2024, Jon Santillan, a 500 Global founder who was returning, and Nupur Mitta, an ex-BCG employee, founded OCTA by utilizing their professional backgrounds at Careem, where Jon sold his prior business and Nupur oversaw Careem Pay. They set out to address two major issues facing SMEs: enhancing cash flow management and lessening the burden of accounts receivable. They collaborated with Andrey Korchak, the former CTO of a fintech startup supported by Peter Thiel’s Valar Ventures.
“Ask any business owner, and they’ll tell you: collecting payments isn’t just a finance problem; it’s a business problem,” says Santillan. “Late payments, managing multiple tools for invoicing, customer follow-ups, disputes, accessing finance, and recovering debt—these are the things that slow down growth.” On average, 60% of B2B invoices in the UAE are paid late, and businesses spend 40 days chasing overdue payments. “Imagine trying to grow your business while constantly worrying about cash flow, handling disputes, or trying to recover money you’re owed,” Santillan says. “It’s absolutely crippling to business growth.”
OCTA modifies everything. From the time a contract is signed until the money is in the company’s account, the OCTA platform automates the process of collecting payments. Users can create invoices with OCTA by uploading a contract or using a template, and the software takes care of the rest. Invoices are tracked, each customer is given a collection score, and the OCTA platform syncs with the company’s accounting software. OCTA uses this information to automate follow-ups and reminders, as well as to offer financing options. In the event of a disagreement, OCTA reviews the agreement to prevent the customary back and forth. Additionally, the platform gives businesses fast access to financing and efficient debt recovery tools.
“We’re building a global company from the Middle East to change how businesses collect payments and manage cash flow, with an initial focus on Saudi Arabia,” says Santillan.
With clients like Careem, Lean Technologies, Ogram, Money Hash, and Gameball, OCTA has facilitated $28 million in receivables since its founding. These forward-thinking teams are utilizing OCTA to shorten the time it takes to get paid and optimize their accounts receivable procedures.
“Our investment in OCTA marks our growing interest in a region that has been very intentional about creating an enabling environment for innovative and inclusive fintech,” notes Monica Brand Engel, co-founder and managing partner of Quona Capital, which co-led the round with Sadu Capital. “We could not be more excited about the potential of OCTA to streamline accounts receivable collections, using a sophisticated AI-driven platform that frees up business customers to focus on growth.”
“We are thrilled to invest in OCTA, a startup that aligns perfectly with Sadu’s strategy of investing in early-stage B2B ventures led by experienced founders,” said Qusai AlSaif, Partner at Sadu Capital. “Jon, Nupur, and Andrey have an impressive track record of building successful companies, and their deep expertise in fintech is evident in the innovative solutions they’ve developed with OCTA. By streamlining accounts receivable management for SMEs, OCTA is addressing a critical pain point and unlocking growth potential for regional businesses. We are excited to support their journey alongside our co-lead partner, Quona Capital, and believe OCTA is poised to scale and make a global impact.”
“By addressing the cash flow collection problem for SMEs and helping them unlock liquidity, we believe OCTA is addressing a significant challenge in the market,” says Amal Dokhan, the Managing Partner at 500 Global. “Having backed Jon’s first company, 500 Global strongly believes in the founding team of OCTA and their ability to scale this solution across markets.”
