Foloosi is a UAE-based fintech that enables merchants and businesses to accept and collect payments by letting consumers tap their cards against vendors’ smartphones, effectively acting as a POS terminal. The company focuses on eliminating traditional swipe machines and POS terminals and accepts Visa and MasterCard for online payments in the UAE marketplace. Foloosi has partnered with UAE bank Network International to support its payment processing. The startup raised a $2M Pre-Series A funding round led by angel investors from Abu Dhabi with participation from Rasheed Alfalasi and Mohammed Alsuwaidi. Foloosi plans to use the investment to launch its flagship “Tap on Phone” service and to expand into Saudi Arabia, Oman, and Qatar. CEO Omar Bin Brek said the company is upgrading its solution to remain aligned with market trends.

Total raised

$2M

Funding rounds

1

Latest round

Series A

Latest activity

May 2021