UAE’s Fortis secures $20 million Series A to expand across MENA

💸 Here’s Fortis! They’re a UAE-based start-up providing POS and CRM solutions that empower small businesses to seamlessly accept both offline and online POS payments.

And they’ve just announced the closure of a $20 million series A funding round! 

• Founded in 2023 by Alberto Caruso, the company recently relocated its headquarters to Dubai.

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💰 Investor lowdown: The investment round was led by Opportunity Venture (Asia).

• Last year, Opportunity Venture invested $40 million in UAE-based deeptech XPANCEO's Seed round.

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⚙️ Break it down

• Why? SMEs in the MENA region often face significant challenges in the integration of various payment systems and customer management tools. According to a report by the World Bank, approximately 50% of SMEs in emerging markets lack proper access to formal credit, which underscores the broader issue of inadequate business infrastructure, including inefficient payment and CRM systems.
• How? Fortis acts as a one stop shop for small businesses to handle transactions, manage orders, and implement personalised loyalty programs. 

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🔮 Flashforward

Fortis will use the fresh funding to enrich its services by focusing on seamless integration with external platforms and prioritising UX/UI design, forging strategic partnerships with banks and B2B services, and developing omni-channel capabilities for a seamless user experience.

Additionally, the startup will invest in brand-building to boost its presence in the fintech and retail tech sectors, and allocate resources to expand in the MENA region and hire new talent.