MENA Startups
UAE’s Fintech Pluto Raises $4.1M Pre-Series A to Drive KSA Expansion
Pluto aims to redefine SME financial management with AI-powered solutions and strategic partnerships in the GCC.
UAE-based fintech Pluto has successfully raised $4.1 million in a pre-Series A funding round to accelerate its expansion into Saudi Arabia (KSA) and solidify its position in the GCC market. The funding round was led by both existing and new investors, including Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC.
This new capital injection follows Pluto’s $6 million Seed round in 2022, led by Global Founders Capital, and participation from leading firms such as Adapt VC, Soma Capital, and Graph Ventures. Since its founding in 2021 by Mohammed Ridwan, Mohammed Aziz, and Nayeem Zen, Pluto has gained significant traction, reaching AED 1 billion in managed spending and serving top regional brands like Property Finder, Knight Frank, and Tamara.
UAE fintech Pluto : Streamlining SME Financial Operations
Pluto provides a comprehensive corporate card and expense management platform, combining dynamic budget tracking, AI-powered corporate cards with a cashback program, petty cash management, procurement, invoice, and vendor management into a single, intuitive product.
CEO Mohammed Aziz remarked:
“Pluto is designed to solve the real pain points SMEs face with spend management. From automation to actionable insights, we aim to empower businesses with seamless tools that enable them to focus on growth.”
The platform’s AI-driven capabilities reduce manual data entry and improve workflows, delivering efficiency and cost savings for SMEs and banks alike.
Introducing Pluto Connect: A Flagship Innovation
Pluto’s newly launched Pluto Connect is transforming the fintech space by enabling banks and financial institutions to embed corporate card and spend management capabilities directly into their services. By integrating with Pluto, banks can modernize their commercial banking products while improving customer experiences.
Currently, Pluto Connect powers over 30,000 SMEs through partnerships with leading financial institutions, including one of the world’s largest banks.
“With Pluto Connect, we are bridging the gap between banks and SMEs, enabling financial institutions to offer value-added services beyond traditional banking,” explained Mohammed Aziz.
This bank-integrated model is set to expand into Saudi Arabia, Turkey, Bahrain, Kuwait, and Qatar, further enhancing Pluto’s footprint in the region.
Key Investors Backing Pluto’s Vision
Rhino Ventures, a key backer in the funding round, highlighted Pluto’s potential:
“Pluto is delivering a winning product to a market underserved by modern procure-to-pay solutions. Their vision aligns with an AI-augmented world, and their execution rivals global leaders in the space.”
Other investors, including Born Capital, known for investing in CFO-focused technologies, and Evolution VC, which has supported fintech unicorns like Brex, bring deep expertise and strategic value to Pluto’s growth journey.
Saudi Arabia Expansion and Strategic Partnerships
Pluto plans to leverage its new funding to strengthen its market presence in Saudi Arabia, a key growth market, by deepening its partnership with neoleap by Al Rajhi Bank. This move aligns with Pluto’s broader collaboration with Mastercard to drive B2B payment solutions across the GCC region.
Additionally, Pluto continues to expand its AI-driven account payable management solutions, offering SMEs a unified platform for end-to-end financial management.
Recognition and Market Leadership
Pluto’s innovative approach has earned it notable accolades, including being ranked #1 in EMEA for Procure-to-Pay Solutions and named a Top 10 Global Provider in Enterprise and SMB Expense Management by G2.
As the only UAE-based fintech integrating spend control, procurement, and automated invoicing into one seamless platform, Pluto is well-positioned to redefine SME financial management in the region.
Co-founder Mohammed Ridwan summarized Pluto’s mission:
“SMEs expect more from their banks in 2025. Pluto is committed to delivering world-class solutions that empower businesses while enabling banks to enhance customer relationships and unlock new revenue streams.”
MENA Startups
Funding Souq Secures Strategic Investment From Foodics to Expand Embedded SME Financing Across Saudi Arabia and UAE
Funding Souq, a Saudi-based Shariah-compliant crowdfunding and SME financing platform regulated by the Saudi Central Bank (SAMA) and the Dubai Financial Services Authority (DFSA), today announced a strategic investment from Foodics, the leading restaurant operations and financial technology platform in MENA, making Foodics the company’s largest investor. The investment will support Funding Souq’s continued growth and expand embedded financing opportunities for SMEs.
The investment brings together Funding Souq’s regulated financing infrastructure and expertise in SME credit with Foodics’ technology and data capabilities, supporting Funding Souq’s broader growth while creating new opportunities for embedded financing. Within the F&B sector, the collaboration will enable Funding Souq to extend its financing solutions to Foodics’ network of tech-enabled restaurant merchants, using restaurant sales and performance data to support more informed credit assessment and financing better aligned with how these businesses operate.
The investment brings together Funding Souq’s regulated financing infrastructure and SME credit expertise with Foodics’ technology and extensive market reach. Within the restaurant and hospitality sector, Funding Souq will extend its financing solutions to Foodics’ customer network, using restaurant sales and performance data to assess creditworthiness and offer financing better suited to their operating needs.
This also comes as Foodics expands its financial services offering through Capital 2.0, its automated financing solution for restaurants. The company intends to deploy USD 100 million in financing through Capital 2.0 in its first year, with the launch and investment reflecting its broader push to embed access to capital within its restaurant technology ecosystem.
Martin Jaouni, Founder and CEO of Funding Souq, said: “We’re delighted to partner with Foodics. Together we have created Saudi Arabia’s first fully automated business loan, bringing Foodics’ deep reach across the restaurant and hospitality sector together with our regulated financing infrastructure to deliver capital to merchants the moment they need it. It also marks an important acceleration of our embedded finance journey, one we intend to extend across every sector where SMEs are underserved, in both Saudi Arabia and the UAE.”
Anas AlGhanim, VP, Investments & Corporate Development at Foodics, said: “Funding Souq has built a strong financing platform with significant potential to scale and serve a broader segment of SMEs. We see this investment as an opportunity to support the company’s next phase of growth, while also bringing together Funding Souq’s financing capabilities and Foodics’ technology ecosystem to expand financing services and make access to capital more seamless for our customers.”
The investment also forms part of Foodics’ longer-term ambition to evolve beyond restaurant technology into a broader financial services platform, with the company ultimately aspiring to become the future bank for restaurants and the hospitality sector.
Funding Souq has built a community of more than 10,000 investors on its platform and is on track to facilitate USD 1 billion in financing for SMEs over the next three years, as it continues to scale its Shariah-compliant financing offering.
About Funding Souq
Funding Souq is a dual-regulated SME financing platform across Saudi Arabia and the UAE. The platform operates across two verticals: a Marketplace connecting SMEs with institutional and retail private credit investors, and an Infrastructure vertical, providing a regulated gateway to finance SMEs in Saudi Arabia. Funding Souq offers term loans, invoice and supplier finance,— through Shariah-compliant structures. Since inception, it has delivered market-leading net returns to private credit investors with a low single-digit default rate.
About Foodics
Foodics is the leading restaurant operations and financial technology platform in MENA, offering an integrated cloud-based ecosystem that brings together restaurant operations, payments and financial services. Founded in 2014, Foodics serves businesses across the restaurant and hospitality sector, from traditional dine-in restaurants, cafés, quick-service restaurants, bakeries and food trucks to cloud kitchens and non-food micro-retailers. The company has processed more than 6 billion orders through its platform and raised a record US$170 million in its Series C round, making it one of the leading SaaS companies in the region.
MENA Startups
UAE-Based Ice Cream Brand Mama Booza Launches Mama Pops Fruit Pop Range, Attracting Interest From Over 30 Countries
With real fruit, unexpected flavour combinations and a new squeeze-style format, the homegrown Dubai ice cream brand is bringing a familiar frozen favourite to a wider audience
Artisanal ice cream maker Mama Booza is putting a fresh spin on the classic fruit pop with Mama Pops, a new range created with adults in mind, combining real ingredients, refreshing flavour combinations and a convenient squeeze-style format. Available in seven flavours, strawberry, mango, mandarin, lemon mint, black cherry, pomegranate and cocktail, each Mama Pop contains fewer than 100 calories and is made with real fruit, no added sugar or artificial ingredients.
The launch reflects Mama Booza’s continued focus on developing frozen products that combine familiar flavours with a contemporary approach to ingredients and format.
Drawing inspiration from familiar popsicle formats that have long been part of the region’s frozen treat culture, Mama Pops bring a more contemporary design to a nostalgic format. The squeeze-style packaging gives the classic fruit pop a distinctive new look, while the range of flavours offers a more grown-up take on a format traditionally associated with childhood.
Since its introduction, Mama Pops has generated interest well beyond the UAE, with requests and enquiries coming in from more than 30 countries. The range has also attracted international media attention, reflecting the growing appeal of the format beyond its home market.
“Mama Booza has always been about taking something familiar and looking at it differently,” said Wael El Ariss, Co-Founder and CEO of Mama Booza. “With Mama Pops, we saw an opportunity to reimagine the fruit pop in a way that feels more relevant to adults, without losing what makes the format so enjoyable. We wanted to bring our approach to real ingredients and flavour into a category that has largely remained unchanged, while making the experience less messy and easier to enjoy for everyone.”
Bringing Cultures Together, One Flavour at a Time
Mama Booza’s fruit pops are part of a broader philosophy that has shaped the brand since its launch, taking familiar flavours, desserts and formats from Arab culture and reimagining them through ice cream.
The brand was founded with the idea of modernising Arabic ice cream while making it accessible to everyone, regardless of cultural background. Mama Booza launched with Ashta as its signature flavour, a slow-churned artisanal ice cream made with Levantine clotted cream, orange blossom and roasted pistachios, which helped put the brand on the map.
A year later, Lazy Cake opened the brand to a much wider demographic, bringing a familiar dessert into an ice cream format. Today, it is Mama Booza’s top-selling flavour and has been recognised among UAE’s top 30 most ordered dishes on Deliveroo. Since then, Mama Booza has continued to draw inspiration from desserts and tastes across cultures, turning favourites such as Strawberry Cheesecake and Frosted Cranberry Cookie into ice cream.
The fruit pops extend this same approach into a different format, offering something lighter and more refreshing while maintaining the brand’s focus on real ingredients.
“For us, creating a new flavour is never just about putting ingredients together. We approach it the way you would at home, starting with real ingredients, trying combinations, sharing them with the people around us and seeing what genuinely works,” said Anna Banna, Head of Production at Mama Booza. “That is how we have developed many of our flavours, and it is important to us that what eventually reaches our customers still feels authentic to that original idea.”
From Local Roots to Regional Growth
Mama Booza has also built a reputation for collaborations that take its products beyond traditional food and beverage settings, partnering with brands including Balenciaga, Sephora and MAC across fashion and consumer campaigns.
Today, Mama Booza operates across the UAE with more than 50 locations and multiple delivery and retail channels. Its ice creams and Mama Pops are also available through all delivery platforms across the UAE.
About Mama Booza
Mama Booza is a Dubai-based artisanal ice cream brand built around reimagining familiar flavours and desserts through original frozen creations. Founded with Ashta as its signature flavour, the brand combines Levantine ice cream traditions with carefully selected, premium ingredients and contemporary flavour development. Its portfolio also includes best-sellers such as Lazy Cake, Strawberry Cheesecake and Chocolate Coconut, alongside its range of fruit pops.
Mama Booza’s flavours are developed through an research and development-led approach, including collaboration with a Michelin-starred chef, bringing the detail and craft of fine dining into an accessible ice cream format. Today, Mama Booza operates across the UAE, with more than 50 locations and multiple deliver
MENA Startups
Saudi FinTech Barq Moves to Acquire Bahrain-Based Beyon Money to Expand Digital Financial Services Across GCC
in an undisclosed transaction aimed at strengthening its regional presence and expanding its digital financial services across the Gulf.
The acquisition was announced during the Future FinTech Forum in Manama, Bahrain, in the presence of senior executives from both companies. Although the financial terms were not disclosed, the agreement includes an arrangement under which Beyon Group will retain an economic interest in Barq, establishing a continuing financial relationship between the two businesses.
The transaction follows Barq’s $329.5 million Series A funding round in September 2026 and comes as the company continues to expand its digital financial services operations. Founded in 2023, Barq has reported a user base exceeding 15 million, while Beyon Money, launched in 2022, provides digital money transfers and open banking solutions to customers in Bahrain.
The acquisition remains subject to final regulatory approvals, with both companies planning to maintain existing Beyon Money services while preparing for a gradual transition toward broader financial offerings.
Barq Expands Regional Presence Through Beyon Money Acquisition
The proposed acquisition represents an important step in Barq’s regional expansion strategy, providing the Saudi financial technology group with an opportunity to establish a stronger presence in Bahrain through an existing digital financial services platform. By bringing Beyon Money into its operations, Barq aims to broaden its service capabilities and develop a more connected financial technology ecosystem across GCC markets.
Beyon Money has operated in Bahrain since 2022, offering customers digital financial products that include money transfers and open banking services. Its integration into Barq’s business is expected to create opportunities for further development in digital payments and financial services, while supporting the Saudi company’s efforts to reach customers beyond its domestic market.
The agreement also establishes an ongoing relationship between Barq and Beyon Group, which will retain an economic interest in the Saudi company. Although the size and structure of that interest have not been disclosed, the arrangement provides a basis for continued cooperation as both businesses pursue opportunities in the regional financial technology sector.
Beyon Money’s Digital Financial Services and Customer Transition
Launched in 2022 as part of Bahrain-based Beyon Group, Beyon Money operates a digital financial services platform designed to provide customers with access to financial transactions through technology-enabled channels. Its offerings include money transfers and open banking solutions, reflecting the growing adoption of digital financial products in Bahrain.
Under the proposed acquisition, Beyon Money’s existing customers will continue to have access to their current services. The companies have indicated that the transition will take place gradually, with plans to introduce additional financial capabilities and potentially provide access to a broader range of services through Barq’s platform.
This approach is intended to maintain service continuity while allowing the companies to develop their integration plans following regulatory approval. However, neither Barq nor Beyon Group has announced a detailed implementation schedule, specific product changes or a confirmed timeline for completing the customer transition.
Barq Builds on $329.5M Series A Funding Round
The acquisition announcement follows a period of growth for Barq, which secured $329.5 million in Series A financing in September 2026. The funding strengthened the company’s capital position as it continued developing its financial technology operations and pursuing opportunities for business expansion.
Established in 2023, Barq has reported more than 15 million users, reflecting the scale of its operations within a relatively short period. The company’s expansion strategy now extends beyond Saudi Arabia, with the proposed acquisition of Beyon Money providing an opportunity to enter the Bahraini market through an established digital financial services provider.
While the company has not disclosed whether proceeds from its Series A round will be used to finance the transaction, the acquisition aligns with its broader plans to expand its regional presence and strengthen its financial technology capabilities. The combination of Barq’s existing platform and Beyon Money’s services could also create opportunities for further development in digital payments and financial products across the GCC.
Beyon Group Retains Economic Interest in Barq
One of the key elements of the agreement is Beyon Group’s decision to retain an economic interest in Barq following the proposed acquisition. Rather than ending its financial involvement with Beyon Money’s business, the arrangement will allow Beyon Group to maintain exposure to Barq’s future development and regional expansion.
The structure also reflects the companies’ intention to establish a longer-term relationship focused on digital financial services and payments technology. By maintaining an economic connection, Beyon Group will continue to participate financially in the development of the business while Barq pursues its expansion strategy.
The companies have not disclosed the percentage of the economic interest Beyon Group will retain or provided further details about the transaction’s ownership structure. These arrangements remain part of a proposed deal that must receive the necessary regulatory approvals before completion.
Strengthening FinTech Cooperation Between Saudi Arabia and Bahrain
The proposed transaction brings together two financial technology businesses operating in Saudi Arabia and Bahrain, markets that have continued to develop their digital financial services sectors. Through the acquisition, Barq aims to strengthen its regional operations while benefiting from Beyon Money’s existing presence and experience in Bahrain.
The agreement could also support greater cooperation in areas such as digital payments, money transfers and financial technology infrastructure. As financial services providers expand across the GCC, the ability to develop connected platforms and offer services in multiple markets has become an important component of regional growth strategies.
For Barq, acquiring Beyon Money would represent an opportunity to extend its geographic reach and build on its existing user base. For Beyon Group, the agreement provides continued economic participation in a Saudi financial technology business pursuing regional expansion, creating a relationship that extends beyond the transfer of ownership.
Regulatory Approvals and Next Steps
Despite the announcement, the acquisition has not yet been completed and remains subject to final regulatory approvals. The companies must satisfy the applicable requirements before proceeding with the transaction and implementing their proposed integration plans.
During this period, Beyon Money customers are expected to retain access to their existing services, with any future changes introduced gradually. Barq and Beyon Group have not disclosed a specific completion date or provided detailed information about the operational integration process.
Once the necessary approvals are obtained, the transaction is expected to support Barq’s expansion into Bahrain and strengthen its broader digital financial services operations across the GCC. The acquisition would also establish a continuing financial relationship with Beyon Group, supporting cooperation between the two companies as they develop their regional strategies.
-
MENA Startups1 week agoUS Agentic Coding Platform Replit Acquires Analytics Startup Atta to Add Interactive Data Visualizations to AI Chat
-
Asia Startups1 week agoIndian HRTech Startup Scooter Raises $160K Pre-Seed Funding to Expand Sales Hiring Platform and Streamline Candidate Assessments
-
MENA Startups2 days agoSaudi-based AutoTech Startup Autobia Raises $12M Series A to Expand B2B Auto Parts Platform and Logistics Infrastructure
-
Asia Startups1 week agoIndian Experience-Tech Startup Alive App Raises $1M Seed Funding to Expand Experience Supply and Technology Capabilities
-
Asia Startups1 week agoIndian Startup SiMa.ai Raises $150M Series C to Scale Physical AI Platform and Develop Next-Generation Hardware
-
MENA Startups1 week agoTiE Women MENA Names Five Regional Winners to Compete for MENA Title at GITEX Global 2026
-
MENA Startups1 week agoUAE Launches Ai Everything Abu Dhabi 2026, Connecting 150 AI Startups With Global Investors
-
Euro Startups1 week agoPortugal-Based InsurTech Startup FRANK Raises €2.9M to Expand AI-Powered Platform for Automating Administrative Tasks Globally

You must be logged in to post a comment Login