Fundbot, a Fintech startup that automates corporate lending and payments between banks, buyers, and sellers, announced today that it has raised a $1.5 million seed-funding round from MENA-based VC Hambro Perks Oryx Fund, with additional support from Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC.
The company targets expansion in the MENA region, initially in the UAE and Saudi Arabia, and later into Oman, Bahrain, and Egypt.
Created to address cash flow problems for startups, Fundbot offers a fully automated, end-to-end embedded solution that enhances the efficiency of supply chain finance and helps banks, FinTechs, and B2B marketplaces embed and rapidly launch financial services.
“We are thrilled to have the support of these seasoned investors whose role goes beyond capital infusion to facilitating introductions to potential partners and clients, which contributes significantly to our scalability and market connectivity,”
said Fundbot CEO Karl Abou Zeid.
“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’s embedded supply-chain financing solution can support both large and small enterprises and contribute to sustained economic growth throughout the region.”
With Fundbot, banks, telcos, FinTechs, and marketplaces can streamline and optimise workflows, reducing the need for manual intervention and minimising the risk of errors. Fundbot can also enable these businesses to create new revenue streams by delivering faster, more efficient finance.
Featured image credit: edited from freepik