Omnispay, a fintech company based in the UAE, has successfully raised $1.5 million in a seed funding round led by Mercatus Capital Pte. Ltd., a Singapore-based venture capital firm. This funding round attracted participation from various regional and international investors and aims to empower small and medium-sized enterprises (SMEs) with an all-in-one platform for collecting, paying, and managing their cash flow. The funds will also support the advancement of the Gulf Cooperation Council’s (GCC) digital transformation agenda

The company is addressing a significant gap in the GCC’s business-to-business (B2B) payments landscape, where less than 5% of transactions are currently digitized, despite an estimated opportunity size exceeding $1.5 trillion annually. This situation presents a substantial opportunity for Omnispay to promote digital adoption and unlock economic potential for SMEs. Unlike its competitors that focus solely on collections, Omnispay incorporates Collect, Pay, and Borrow functionalities to reduce transaction costs and simplify cash flow management. The platform has already onboarded over 1,600 businesses, showcasing a 40% month-on-month growth in processed volumes, and has earned a 5-star customer rating on Google.

Vimal Kumar, Co-Founder and CEO of Omnispay, highlighted the critical role of SMEs, which represent 94% of companies and contribute 40% of the UAE’s GDP, according to the UAE Ministry of Economy. He stated, “SMEs are the backbone of the GCC economy, yet they’ve been underserved by legacy financial tools. By democratizing access to digital payments, we believe we’re fueling regional growth.”

Simanta Das, Co-Founder and COO of Omnispay, expressed excitement about the seed funding, stating that it serves as a strong endorsement of the company’s vision and market fit. He emphasized the importance of providing accessible, multilingual, and intelligent payment solutions to empower SMEs. Das noted that their platform is designed to simplify the entire payment journey, offering tools for invoice management, smart efficiency, and quick settlement, including responsible borrowing options.

Following the pandemic, the adoption of digital payments among SMEs has surged by 60%. However, the use of digital payments in B2B contexts remains significantly lower compared to business-to-consumer (B2C) transactions. By integrating features such as COLLECT for invoice management, PAY for flexible payment methods, and BORROW for future micro-lending options, Omnispay is well-positioned to bridge this gap, allowing SMEs to fully embrace digital transformation and compete effectively in an evolving economy.