Faloos

What Faloos does

Faloos is a privately held fintech that operates a mobile peer-to-peer payment application enabling consumers to send and receive funds directly between bank accounts without requiring knowledge of recipient IBAN details or the maintenance of a prepaid wallet balance. The platform targets youth and young adults as its primary persona, addressing common frictions in social payments such as bill splitting, debt settlement, and informal transfers. Legal entities include FALOOS INC, the owner of the application with registered headquarters in the United States, and FALOOS LTD, the UK operating entity referenced in copyright footers and subject to UK Payment Services Regulations 2017 oversight. Firmographic data lists Riyadh, Saudi Arabia as the operating city, indicating a cross-jurisdictional posture spanning the US, UK, and at least one Gulf market.

The product ecosystem consists of a Faloos Mobile Application available on iOS and Android, complemented by a Faloos Web Dashboard for browser-based access. Each registered user is assigned a Virtual IBAN opened by a partnered UK Payment Institution, which acts as the account provider and routes incoming funds directly to the user's underlying bank account. Payments are initiated through the app via Open Banking Payment Initiation Service Provider connectivity, with Mastercard Payment Gateway Services (MPGS) handling debit and credit card processing on the back end. Security architecture includes SSL encryption, bcrypt password hashing, JWT token authentication, KYC verification via a third-party Identity Service Provider, and PCI DSS compliance inherited from the Payment Institution. Social login is supported through Facebook and Apple ID, and users discover and transact with contacts via phone number lookups or in-app usernames.

Faloos employs a product-led, direct-to-consumer go-to-market model distributing the free-to-download application exclusively through iOS App Store and Google Play Store, with awareness generated via organic social channels (LinkedIn, X/Twitter, Instagram, Facebook) and word-of-mouth within the product. The revenue model is transaction-based: the app itself is free, but transaction fees are levied per payment initiated, disclosed on a confirmation pop-up before user authorization, and shared between the Payment Institution and potentially FALOOS INC. The company is privately held with no disclosed institutional funding, no named management team in the data, and 1–10 employees per firmographic records.

Name

Faloos

Legal name

FALOOS INC

Website

https://faloosapp.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Faloos is a privately held fintech operating a mobile peer-to-peer payment application that enables consumers, primarily youth, to send and receive funds directly between bank accounts without IBAN knowledge or wallet top-ups, monetizing via per-transaction fees.

Ownership category

akta.pro rank

Product category

Mobile Peer-to-Peer Payments

NAICS

Credit Intermediation and Related Activities (522)

SIC

Finance Services (6199), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

akta.pro secondary industries

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

Keywords

• Peer-to-peer payments
• Mobile payment app
• Open banking payments
• Bank-to-bank transfers
• Digital payments

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. Transaction Fees: FALOOS INC and/or the Payment Institution charge transaction fees per payment initiated through the platform. Users can see relevant charges/fees on the Confirmation Pop-Up before initiating a payment. The application is free to download.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Faloos provides a mobile peer-to-peer payment application that enables users to send and receive payments directly to and from their bank accounts without needing recipient IBAN details or maintaining a separate wallet balance. The platform assigns each registered user a Virtual IBAN payment account and operates as an Open Banking-certified Payment Initiation Service Provider, processing transactions through a partnered UK-based Payment Institution and Mastercard Payment Gateway Services.

Product overview

Faloos is a unified mobile and web payment platform designed for youth, offering direct peer-to-peer payment services. The product ecosystem consists of the Faloos Mobile Application (iOS and Android) and the Faloos Web Dashboard, which work together to enable users to send and receive instant payments directly from and to their bank accounts without maintaining a separate wallet balance or knowing recipient IBAN details. Users receive a Virtual IBAN Account upon registration, and the platform supports features including instant payment requests, bill splitting, and friend-based transfers. The platform processes payments through partnered infrastructure including Mastercard Payment Gateway Services and Open Banking Payment Initiation Service Providers.

Differentiator

Problem solved

Functional benefit

Products and services

• Faloos Mobile Application A mobile payment application available on iOS and Android that enables users to send and receive peer-to-peer payments directly to and from their bank accounts without needing recipient IBAN information or maintaining a separate wallet balance. Targeted at young adult consumers who split bills and settle debts socially.
• Faloos Web Dashboard A browser-based dashboard accessible via computer or smartphone that enables users to manage payments, view transaction history, and access their payment accounts with real-time accounting records of all payment operations.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• Mastercard Payment Gateway Services (MPGS)coreTechnology or IntegrationThe Payment Institution uses Mastercard Payment Gateway Services as its payment gateway to handle debit and credit payment processing for funds transfers. This enables the backend payment processing infrastructure for the Faloos application.
• Identity Service ProvidercoreTechnology or IntegrationThird-party Identity Service Provider used for user identity verification and authentication during the KYC process. The User's data (Local ID Number, Phone Number, Date of Birth, Name) is authenticated and verified by this provider.

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Apple Pay (P2P / Apple Cash): OS-level payment rail including P2P transfers via Messages. Represents a platform-level threat to standalone P2P apps like Faloos due to default distribution on iPhones.
• Zelle: US bank-consortium P2P network that enables direct bank-to-bank transfers between users at participating banks. Operates as a broad incumbent in the same direct-bank-payment niche Faloos targets.
• Monzo: UK digital bank with built-in P2P payments, Virtual Accounts, and Open Banking integrations. Overlaps with Faloos in UK regulatory footprint and use of virtual account infrastructure for routing.
• PayPal: Global incumbent in consumer P2P and digital payments with massive network effects. Comparable end-user functionality (P2P, bank-linked transfers) and the benchmark Faloos must compete against.

Direct peers

• Cash App (Block, Inc.): Block's flagship P2P payment app with social feed, friend discovery, and instant bank-to-bank transfers. Most directly comparable consumer P2P product globally and a benchmark for Faloos's youth-targeted social payment positioning.
• Venmo (PayPal): Iconic US P2P app using bank-linked accounts with social feed and friend-based transfers. Closely matches Faloos's core use case of splitting bills and settling up among friends, and is a primary competitive reference.
• Revolut: UK-based fintech with P2P transfers, multi-currency accounts, and Open Banking connectivity. Shares Faloos's UK regulatory base and use of PISP-style infrastructure for instant bank-initiated payments.
• Wise (TransferWise): Cross-border A2A payments specialist using Open Banking-style direct bank connections and virtual account details. Closely comparable to Faloos's Virtual IBAN and direct bank account payment model.

Regional players

• STC Pay: Saudi Arabia's leading digital wallet, operated by STC. Most directly comparable regional incumbent for Faloos's stated Saudi market focus, offering P2P transfers and bill payment to Saudi consumers.
• Tabby: Saudi-headquartered consumer fintech serving the same youth/Saudi digital-payments demographic. Comparable regional positioning and consumer brand approach even though its core product is BNPL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/faloosapp
• Facebookfacebook.com/faloosapp
• LinkedInlinkedin.com/company/faloos
• Instagraminstagram.com/faloosapp/?hl=en

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Faloos