UAE-Based Fintech Fundbot Raises $1.5 Million Seed Round
The newly acquired funds are earmarked for the company's expansion efforts in the MENA region.
UAE-based fintech startup Fundbot has secured $1.5 million in a seed funding round led by Hambro Perks Oryx Fund, with participation from Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC.
Founded in 2020 by Karl Abou Zeid, Fundbot specializes in automating corporate lending and payments processes among banks, buyers, and sellers. The newly acquired funds are earmarked for the company's expansion efforts in the MENA region, starting with the UAE and Saudi Arabia and later extending to Oman, Bahrain, and Egypt.
“The region is home to 19 million SMEs, three quarters of which are suffering from delayed payments, amounting to a regional cash flow gap of $250 billion,” Fundbot CEO Karl Abou Zeid tells StartupScene. “Fundbot’s embedded supply-chain financing solution can support both large and small enterprises and contribute to sustained economic growth throughout the region.”
Fundbot looks to address cash flow challenges for startups by providing a fully automated end-to-end embedded solution. This solution aims to enhance the efficiency of supply chain finance, enabling banks, FinTechs, and B2B marketplaces to embed and rapidly launch financial services. The platform streamlines workflows, reduces the need for manual intervention, and minimizes the risk of errors for businesses.
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Jan 31, 2024