UAE fintech omnispay raises USD 1.5 mn to digitize SME payments

UAE-based fintech Omnispay raised USD 1.5 mn in a seed funding round led by MercatusCapital to enhance its SME-focused digital payments platform across the GCC, according to a press release. The round also saw participation from other regional and international investors, the press release said, without disclosing names.

About Omispay: Founded in 2023 by Vimal Kumar (LinkedIn), Simanta Das (LinkedIn), Praveen Kiran (LinkedIn) and Afzal Ibrahim (LinkedIn), Omnispay offers a platform for SMEs to manage invoices, disburse payments, and access micro-lending. The startup has onboarded over 1.6k businesses and reports 40% m-o-m growth in processed volumes.