- OCTA raised $2.25 million in a pre-seed round led by Quona Capital and Sadu Capital.
- The platform automates payment collection for SMEs, improving cash flow management.
- OCTA has processed $28 million in receivables and expanded into the Saudi market.
UAE-based fintech startup OCTA has successfully raised $2.25 million in its pre-seed funding round. The round was co-led by Quona Capital and Sadu Capital, with participation from other notable investors like Sukna Ventures, Plus VC, and 500 Global. The funding will be used to enhance OCTA’s innovative platform that automates accounts receivable processes, addressing a critical challenge for small and medium-sized enterprises (SMEs).
OCTA was founded in early 2024 by a team of fintech experts, including Jon Santillan, Nupur Mitta, and Andrey Korchak. Their goal is to streamline the payment collection process for SMEs, which often face significant cash flow issues due to late payments. In fact, 60% of B2B invoices in the UAE are paid late, leaving businesses to spend an average of 40 days chasing overdue payments. OCTA’s platform offers an all-in-one solution, from creating invoices to automating reminders, follow-ups, and financing options, making it a game-changer for businesses struggling with accounts receivable.
With the recent expansion into the Saudi market, OCTA is poised for rapid growth. Since its inception, the platform has facilitated over $28 million in receivables, serving clients such as Careem and Lean Technologies. According to Jon Santillan, OCTA’s mission is not just to solve a finance problem, but a business problem, by helping SMEs improve their cash flow and grow faster.
Investors have shown strong confidence in OCTA’s potential. Monica Brand Engel, co-founder of Quona Capital, stated that OCTA’s platform is well-positioned to make a global impact. Similarly, Qusai AlSaif from Sadu Capital emphasized the founders’ impressive track record in fintech as a key reason for their investment.
This funding round marks the beginning of OCTA’s journey toward transforming how businesses in the Middle East manage cash flow, helping them to collect payments faster and focus on growth.
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Last Updated on October 11, 2024 by Safiya K
