XSquare Secures Funding Led by Raed Ventures for Expansion in Saudi Arabia
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The UAE-based fintech company XSquare has raised an undisclosed pre-seed funding round, led by Raed Ventures, with participation from AngelSpark, 500 Global, and Oraseya Capital. Founded in 2023, XSquare is developing a platform to coordinate B2B payments, integrating payment channels, collections, payments, and settlements into a unified system. The company currently operates in the UAE and Qatar, with its entry into the Qatari market marking its first expansion outside the UAE. XSquare will use the funding to expand its partnerships with banks and payment channel providers, grow its engineering and sales teams, and launch operations in Saudi Arabia. The platform integrates with payment channels such as Telr, Geidea, VaultsPay, Spare, and Tess Payments, with plans to add more partners later. XSquare is also working on launching a Mastercard product for corporate payments, which enables financing of supplier payments via cards. Co-founder and CEO Tanveer Shah emphasized the importance of building a payment infrastructure that meets the needs of businesses in the region.
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