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KSA's Cloud-Based Accounting Software Specialist Qoyod Raises $2.1 Million in Series A Funding

With several new product roll-outs already in the works, the startup intends to use the investment to expands its reach.

A popular cloud-based accounting solution among SMEs, Saudi Arabia’s Qoyod has announced that it has raised $2.1 million in Series A funding, led by Merak Capital. Founded in 2016 by Abdullah Aldayel, Qoyod enables businesses to manage their day-to-day accounting and finance with real-time reports and analytics tools, and aims to be a veritable one-stop-shop for SME’s looking for financial solutions.

“Despite its obvious challenges, 2020 has been an amazing year for us here at Qoyod, with significant growth in our customer base and topline for the year,” Aldayel said. “Nonetheless, the Saudi market is sizable, and we have yet to scratch the surface. We are thrilled to end the year with key new partners on board and look forward to working with Merak Capital, who will be adding tremendous value by way of their Fintech expertise. With the right partners and with adequate financing, Qoyod is now perfectly positioned to be the number one financial solution serving the growing Saudi SMB market.”

Though Aldayel hasn’t specified where the investment will be channelled, it’s believed that there are already several new product roll-outs in the works, which the startups say will offer more comprehensive features to connect business wonders to complementary financial products and services. Interestingly, Aldayel and co have said that the funding will also be used to expand their reach, though no details were given.

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