Saudi Arabia-based digital payment and POS solutions startup CashIn has raised SAR 6 million, or US$1.6 million, in a seed funding round, the company said in a statement.
The round was led by Investor Mine, according to the statement. Saudi VC firm BIM Ventures also participated in the round, along with angel investors.
Funding will be used to expand the startup’s network, and build partnerships with banks and stakeholders.
CashIn provides a fully integrated digital payments and e-invoicing platform for merchants to receive payments and manage sales. The Saudi startup was founded only this year by Omar Al-Rammah, Obay Al-Madhi and AbdulKarim Zureik.
“The Kingdom of Saudi Arabia is undergoing a rapid growth in the fintech and technology sectors in comparison to other countries, and we are keen in CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 Vision by providing advanced and holistic technical solutions for related parties in cooperation with our partners from the government, banking and private sectors,”
Al-Rammah, CEO of CashIn, said.
CashIn is one of the first Fatoorah-compliant platforms in Saudi Arabia
The company has been working with Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) to become one of the earliest fintech providers to comply with its latest Fatoorah requirements.
Fatoorah is an e-invoicing initiative launched by ZATCA in August this year. The project is aimed at combating hidden transactions, and supporting fair competition. Implementation of the first phase of Fatoorah will commence on 4 December 2021.
Taxpayers will be subjected to three key requirements under Fatoorah. Firstly, this involves ceasing the issuance of manual invoices. It also requires implementing a compliant e-invoicing system, which could be a cash register machine, cloud system, or enterprise resource planning software). Finally, the simplified tax invoices will also need to feature a QR code.
The first phase mandates the electronic issuance and filing of tax invoices, as well as associated debit and credit notices, by taxpayers. In the second phase, which will be implement from January 2022, will make way for an integration between the electronic systems of taxpayers and ZATCA system.
Featured image credit: CashIn (L-R CashIn Co-founders Omar Al-Rammah, AbdulKarim Zureik and Obay Al-Madhi)