Nqoodlet
Nqoodlet is a Riyadh-based fintech that provides an integrated expense management and corporate card platform — featuring multi-currency wallets, real-time tracking, and VAT automation — serving over 600 SMEs across Saudi Arabia and the GCC region.
- Company typePrivate
- Founded2021
- HeadquartersRiyadh, Saudi Arabia
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Nqoodlet does
Nqoodlet is a Riyadh-based fintech founded in 2021 that operates an integrated financial operating system targeting small and medium-sized enterprises (SMEs) across Saudi Arabia and the broader GCC region. The platform combines prepaid smart corporate cards (virtual and physical) with real-time expense tracking, multi-currency wallet management across 13 currencies (including SAR, USD, EUR, and all GCC currencies), automated VAT filing, AI-referenced financial planning tools, and open banking integrations on a single web-based interface. The product is structured around four pricing tiers — a free Launch tier, Growth at 99 SAR/month, Scale at 299 SAR/month, and custom Enterprise pricing — plus transaction-based fees on card issuance, FX conversion, and wallet-to-wallet transfers.
The company's business model combines subscription recurring revenue (the four-tier plan) with transaction fee revenue (card issuance, FX, ATM withdrawals, additional user expansion). Go-to-market is hybrid: a self-serve, product-led growth motion for SMEs (sign-up through app.nqoodlet.com) combined with sales-assisted enterprise onboarding, channel partnerships through the NqoodHub ecosystem (EdfaPay, Talab, VELES, SBA, Sambo, Fawakhor), and event-driven demand generation at conferences such as Money20/20 and through the TAQADAM Startup Accelerator. The company serves a long-tail SMB customer base (600+ SMEs per company commentary, 400+ establishments per alternate source) with named logos including Quant, Ghanem, Al Bassami Transport, Sweter, EdfaPay, and Safwat Aljawf across data analytics, real estate, logistics, general trading, and payments verticals.
Nqoodlet has raised $4 million total in venture funding — a $1 million pre-seed in December 2021 led by angel investor Yaser Alghamdi with SVC and OMQ Investments, and a $3 million seed in May 2025 led by Waad Investment with OmanTel, 500 Sanabil, Oqal, Seed Holding Company, and strategic angels. The company operates as Nqoodlet Information Technology Company, a private Saudi-registered entity, and has accumulated regional recognition including three Deloitte Technology Fast 50 awards in 2025 (Rising Star, Women in Leadership, Kiyadat Winner).
Nqoodlet firmographics
Firmographics- Name
- Nqoodlet
- Legal name
- Nqoodlet Information Technology Company
- Website
- https://nqoodlet.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nqoodlet is a Riyadh-based fintech that provides an integrated expense management and corporate card platform — featuring multi-currency wallets, real-time tracking, and VAT automation — serving over 600 SMEs across Saudi Arabia and the GCC region.
- Ownership category
- akta.pro rank
Nqoodlet industry classification
Industry- Product category
- Corporate Expense Management Software
- NAICS
- Credit Card Issuing (522210), Credit Card Issuing (52221), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Activities Related to Credit Intermediation (5223)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370), Finance Services (6199)
- akta.pro primary industry
- Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA)
- akta.pro secondary industries
- Virtual Card Issuance & Tokenized Corporate Cards (THACAJAA), Virtual Prepaid & Single-Use / Tokenized Cards (FSAMANAJ), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD), Virtual Card & Tokenization Schemes (FSAMAAAG)
Keywords
Where Nqoodlet is headquartered
LocationHeadquarters
- HQ city
- Riyadh
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices1 record
Markets served
Nqoodlet business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Subscription Plans: Four-tier subscription model (Launch, Growth, Scale, Enterprise) with monthly billing. Launch tier is free, Growth at 99 SAR/month, Scale at 299 SAR/month (discounted from 699 SAR), Enterprise is custom pricing.
- Card Issuance Fees: Fees for issuing virtual and physical cards: 25 SAR per virtual card (excluding VAT), 50 SAR per physical card (excluding VAT).
- Currency and Setup Fees: 500 SAR one-time setup fee per additional currency (excluding VAT). 3% FX conversion fee per transaction. 1.6% wallet-to-wallet transfer fee.
- ATM Withdrawals: ATM withdrawal fees: 3% of transaction amount plus 1.5 SAR per withdrawal, with maximum fee capped at 75 SAR (excluding VAT). Limits of 2,000 SAR and 3 transactions per day.
- User Expansion: 20 SAR per additional user per month for expansion purposes beyond the included user limits.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Free tier for micro businesses with basic features |
| Subscription | Monthly | For small and medium businesses with growing teams |
| Subscription | Monthly | For large businesses in expansion phase |
| Subscription | Monthly | Custom enterprise solution with advanced automation |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
Nqoodlet product offering
Product offeringCore offering
Nqoodlet provides an integrated financial operating system for SMEs combining prepaid smart corporate cards (virtual and physical), a multi-currency wallet supporting 13 currencies, real-time expense tracking, automated VAT filing, and open banking integrations on a single subscription-based platform. The company issues unlimited corporate cards, enables real-time spending visibility with departmental analytics, and automates compliance workflows for more than 600 SMEs across Saudi Arabia and the GCC region.
Product overview
Nqoodlet is a unified financial operating system for SMEs in Saudi Arabia and the GCC region, comprising a core platform with smart corporate cards (virtual and plastic), multi-currency wallet management, and automated financial tools. The product portfolio includes the main Financial Operating System, Smart Corporate Cards, Nqoodlet Wallet, NqoodOra (invoice management), Automated VAT Filing, Financial Planning Tools, Open Banking Integrations, and the NqoodHub marketplace. The platform is available across four pricing tiers: Launch (free), Growth (99 SAR/month), Scale (299 SAR/month), and Enterprise (custom pricing). The company serves over 600 SMEs and has helped businesses save over 80 million SAR in operating costs.
Differentiator
Problem solved
Functional benefit
Products and services
- Nqoodlet Financial Operating System Integrated financial operating system for SMEs that combines banking infrastructure, financial automation, and intelligent data analytics on a single platform. Enables businesses to issue smart corporate cards, track expenses in real time, automate VAT filing, and access open banking integrations.
- Smart Corporate Cards Prepaid corporate cards available as virtual cards (instant digital issuance) and physical cards (delivered within 5 business days). Features unlimited card issuance, customizable spending limits, real-time transaction alerts, multi-currency support across 13 currencies (SAR, USD, EUR, and all GCC currencies), and transaction controls such as e-commerce, ATM, and POS toggles.
- Nqoodlet Wallet Multi-currency company wallet for managing business funds. Supports adding money via bank transfer, transferring funds between wallets across currencies, withdrawing to bank accounts (15 business days), and allocating funds to employee cards. Supports multiple currencies with virtual IBAN for fund transfers.
- NqoodOra
Quantifiable outcome
- 40% reduction in financial reporting errors
- +3 more outcomes
Companies that use Nqoodlet
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles2 records
Nqoodlet technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Nqoodlet partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered key partner, core, strategic partner and minor.
- D360 Bankkey partnerSigned MoU at Money20/20 conference for strategic partnership to provide smarter financial solutions for SMEs. This partnership aims to enhance banking infrastructure and expand financial services accessibility.
- EdfaPaykey partnerStrategic payment partnership offering combined smart payment solutions. EdfaPay provides Soft-PoS technology and payment gateway services while Nqoodlet offers financial control tools. Joint customers receive real-time visibility, faster setup, and 1-month free trial with no setup fees.
- Banks and Banking Service ProviderscoreStrategic partnerships to strengthen banking infrastructure. Part of the company's plans to expand open banking integrations and enhance financial services for SMEs.
- SME Enablers and Support Entitieskey partnerPartnerships with SME support organizations to expand reach and provide integrated solutions for small and medium businesses across the region.
- Telecommunications and Technology Service Providersstrategic partnerPartnerships with telecom companies (like OmanTel) and technology providers to expand distribution and create integrated service offerings for SMEs.
- TAQADAM Startup AcceleratorminorNqoodlet participated in the TAQADAM Startup Accelerator program organized by KAUST and SABB, presenting at the 2022 showcase event.
- Nqoodhub Partner Ecosystemkey partnerEcosystem of partners including Talab (shipping), VELES (logistics), SBA (AI underwriting), Sambo (e-commerce pricing), and various accounting, HR, and business growth service providers. Partners receive access to thousands of SMEs and exclusive deals.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Nqoodlet competitors and assessment
Company assessmentDirect peers
- Spendesk: France-based spend management platform combining virtual and physical cards, expense automation, and approval workflows for SMBs and mid-market. Comparable to Nqoodlet's combination of prepaid cards, real-time tracking, and departmental spending controls.
- Ramp: US spend management platform pairing corporate cards with automated expense, bill pay, and procurement workflows for SMBs and mid-market. Comparable in offering an integrated financial operating system for SMEs, similar in horizontal GTM to Nqoodlet's SME-focused strategy.
- Pleo: European SME spend management company offering company cards, expense automation, and integrations with accounting systems. Closest European comp to Nqoodlet: prepaid business cards with category-level controls and expense workflows targeted at non-enterprise SMEs.
- Payhawk: UK/Bulgaria-founded spend management platform offering corporate cards, expense management, and accounts payable automation across Europe and the US. Highly comparable to Nqoodlet's integrated cards + expense + bill-pay thesis and its enterprise tier with custom integrations.
- Brex: US-headquartered corporate card and spend management platform serving startups and SMBs globally. Closest international analog to Nqoodlet: combines corporate cards, expense management, bill pay, and accounting automation for SMEs — the same all-in-one playbook Nqoodlet is executing in MENA.
- Pluto Card: MENA-focused smart corporate card and spend management startup serving SMEs in the region. Closest regional direct peer to Nqoodlet: comparable SME target, prepaid card model, and focus on regional fintech infrastructure for expense control.
Emerging players
- Moss: Berlin-based spend management platform offering corporate cards, expense management, and accounting integrations for European SMEs. Comparable product surface (cards + expense + accounting) and SMB target, though operating in Europe rather than MENA.
- Wafeq: UAE-based cloud accounting platform built for MENA SMEs with invoicing, VAT compliance, and bank integrations. Comparable to Nqoodlet on the financial-OS-for-SME thesis and MENA geographic focus, particularly around automated VAT filing — a feature Nqoodlet also offers.
Broad incumbents
- Tabby: Leading MENA fintech offering consumer BNPL and increasingly SME-facing financial products. Comparable as a well-capitalized MENA fintech competitor that could expand into SME spend management, though currently focused on consumer credit rather than B2B expense workflows.
Regional players
- Jeel: Saudi-based digital fintech platform offering payment and financial services for SMEs and consumers. Comparable as a Saudi fintech peer targeting similar SME segments, though with broader payment services positioning rather than Nqoodlet's expense-management specialization.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Nqoodlet social profiles
Digital presenceNqoodlet financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nqoodlet leadership team
Management profileNumber of profiles
Profiles4 records
Nqoodlet funding detail
Funding detailFunding overview
Funding rounds5 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nqoodlet M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nqoodlet
What does Nqoodlet do?
Nqoodlet provides an integrated financial operating system for SMEs combining prepaid smart corporate cards (virtual and physical), a multi-currency wallet supporting 13 currencies, real-time expense tracking, automated VAT filing, and open banking integrations on a single subscription-based platform. The company issues unlimited corporate cards, enables real-time spending visibility with departmental analytics, and automates compliance workflows for more than 600 SMEs across Saudi Arabia and the GCC region.
Is Nqoodlet a public or private company?
Nqoodlet is a private company. It is classified as venture growth investor backed and is currently operating.
When was Nqoodlet founded?
Nqoodlet was founded in 2021. It employs 11 to 50 people.
Where is Nqoodlet based?
Nqoodlet is headquartered in Riyadh, Saudi Arabia, in the Middle East region.
How does Nqoodlet make money?
Five revenue lines are on record. Subscription Plans are the primary driver. The others are card Issuance Fees, currency and Setup Fees, ATM Withdrawals and user Expansion.
Who are Nqoodlet's main competitors?
Direct peers on record are Spendesk, Ramp, Pleo, Payhawk, Brex and Pluto Card. Emerging players are Moss and Wafeq. Tabby is listed as a broad incumbent. Jeel is listed as a regional player.
Does Nqoodlet have an API?
No public API is recorded for Nqoodlet.
What industry is Nqoodlet in?
Nqoodlet's product category is Corporate Expense Management Software. Its primary akta.pro industry code is FSAMANAA, Open-Loop Prepaid Cards (Network-Branded), with a secondary code of THACAJAA, Virtual Card Issuance & Tokenized Corporate Cards. Its NAICS code is 522210 and its SIC code is 7370.