Fundbot Secures $1.5 Million Seed Funding to Revolutionize Corporate Lending in MENA Region
In a major development, Fundbot, a cutting-edge FinTech startup, has successfully raised $1.5 million in seed funding. The investment was led by MENA-based venture capital firm, Hambro Perks Oryx Fund, with significant contributions from Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC. The company is now set to embark on an ambitious expansion journey within the MENA region, beginning with the United Arab Emirates (UAE) and Saudi Arabia, followed by Oman, Bahrain, and Egypt.
Fundbot has emerged as a game-changer in addressing cash flow challenges faced by startups. The company offers a fully automated, end-to-end embedded solution designed to enhance the efficiency of supply chain finance. Fundbot’s platform also enables banks, FinTech companies, and B2B marketplaces to seamlessly integrate and rapidly deploy financial services.
Karl Abou Zeid, CEO of Fundbot, expressed his enthusiasm about the support from these seasoned investors, stating that their role extends beyond providing capital infusion to include valuable introductions to potential partners and clients. This support will play a pivotal role in Fundbot’s scalability and market connectivity.
The MENA region is home to approximately 19 million SMEs, and a staggering three-quarters of them grapple with delayed payments, resulting in a regional cash flow gap of $250 billion. Fundbot’s embedded supply-chain financing solution aims to bridge this gap and support both large enterprises and small businesses, contributing to sustained economic growth throughout the region.
Fundbot’s Impact on Enterprises and SMEs:
For banks, telcos, FinTechs, and marketplaces, Fundbot offers streamlined workflows, reduced manual intervention, and minimized error risks. Moreover, it opens up avenues for creating new revenue streams by providing faster and more efficient finance solutions.
SMEs stand to gain significantly from Fundbot’s services, including access to swift and flexible financing options, increased purchasing power, and the ability to seize opportunities, address unforeseen expenses, and capitalize on market trends. Fundbot also brings about improved cash flow management, reduced administrative overhead, and real-time visibility of financial transactions, empowering SMEs to make more informed decisions.
Security at the Core:
Fundbot places paramount importance on security, adhering to the rigorous requirements of the financial services sector. The company employs cutting-edge security technologies, follows industry best practices, and maintains isolated customer infrastructure. This infrastructure undergoes rigorous testing, including internal and external penetration tests every six months, monthly internal network and application scans, and daily infrastructure scans. Fundbot also implements region-specific disaster recovery protocols to ensure operational efficiency and compliance with local regulations.
Commenting on Fundbot’s impact, Ryaan Sharif, General Manager at Flat6Labs UAE, expressed pride in being a part of the company’s development journey. He anticipates that Fundbot’s innovative solutions will have a transformative effect on the regional startup ecosystem.
Fundbot’s successful seed funding round signals a promising future for the company as it aims to reshape corporate lending and payments in the MENA region, ultimately contributing to economic growth and prosperity for businesses of all sizes.
