Fintech firm XSquare has secured an undisclosed XSquare Pre-Seed round to expand its operational footprint into Saudi Arabia and accelerate regional product deployment. The company focuses on business-to-business payment orchestration, bringing together disparate payment methods and reconciliation workflows into a single interface for corporate clients.
Founded in 2023 by Tanvir Shah and Ashwin Shenoy, the venture operates across the United Arab Emirates and Qatar. According to a report by Wamda, the newly secured capital will fund engineering recruitment, commercial team growth, and regulatory setup across the Gulf region.
Investor Backing for the XSquare Pre-Seed round
The investment drew capital from Raed Ventures, AngelSpark, 500 Global, and Oraseya Capital, the venture investment arm of the Dubai Integrated Economic Zones. AngelSpark had previously provided early capital to the startup earlier in the year as part of its foundational development phase in the wider digital economy.
“B2B payments in this region have been underserved for too long, forced onto tools built for consumer markets. We are building the payment infrastructure that regional businesses need: card and bank rails, orchestration and reconciliation, all in one place.”
Tanvir Shah, Co-founder and CEO, XSquare
Payment Rails and Strategic Integrations
XSquare connects businesses to multiple regional settlement rails through a unified API architecture. At present, the platform integrates with providers including Telr, Geidea, VaultsPay, Spare, and Tess Payments to manage inward and outward business payments.
In addition to local rails, the company works directly with Mastercard to deploy dedicated commercial payment tools. This system permits companies to settle supplier invoices using corporate cards that deposit funds directly into recipient bank accounts. This workflow helps corporate finance teams manage cash flow through business-tailored software applications.
“We like to back companies that build enabling infrastructure for the region’s digital economy and are led by teams with strong founder-market fit. XSquare is building critical infrastructure for the largely underserved B2B payments market.”
Saed Nashef, Founding Partner, Raed Ventures
Expansion Across the Gulf Region
The company maintains active operations in the Qatar Financial Centre, where it coordinates with domestic banks and regulated payment partners. Following the capital injection from the XSquare Pre-Seed round, leadership aims to establish direct banking integrations and commercial partnerships within Saudi Arabia.
Corporate expenditure management has historically relied on direct bank transfers and physical payment methods. By shifting these transactions onto digital payment pipelines, enterprise users can automate financial tracking while reducing transaction errors across borders.
Market Outlook for Commercial Payments
As commercial trade modernizes across the Middle East, corporate demand for automated financial tools continues to climb. The expansion into the Saudi market places the company in direct alignment with regional enterprise digitization trends. Consequently, the team plans to expand its integration portfolio with additional banking partners over the coming quarters.
