UAE-based fintech XSquare has raised an undisclosed pre-seed round led by Raed Ventures, with participation from AngelSpark, 500 Global and Oraseya Capital.
Founded in 2023 by Tanvir Shah and Ashwin Shenoy, XSquare is developing a B2B payment orchestration platform that brings payment rails, collections, payments and reconciliation into one system. The company operates in the UAE and Qatar, with its Qatar launch marking its first cross-border expansion.
XSquare said it is building the platform in partnership with Mastercard and is working with payment providers including Telr, Geidea, VaultsPay, Spare and Tess Payments. Its Mastercard programme supports card-funded supplier and vendor payments that settle directly into bank accounts.
The company said it will use the funding to expand its payment rail and banking partnerships, grow its engineering and commercial teams, and begin operations in Saudi Arabia. It is also working with banks and regulated payment partners in Qatar through its presence at the Qatar Financial Centre.
The new round follows an earlier undisclosed investment from AngelSpark announced earlier this year.
Source: Wamda
