Dubai – Sharikat Mubasher: XSquare, a B2B payments company operating in partnership with Mastercard, announced the closure of its pre-seed funding round led by Raed Ventures, with participation from AngelSpark, 500 Global and Oraseya Capital.
In a recent press release, the company said the funding will support the expansion of its B2B payment orchestration platform, which connects multiple payment rails through a single integration, enabling businesses to collect payments, make transfers and reconcile transactions across providers.
XSquare is launching with payment rails from Telr, Geidea, VaultsPay, Spare and Tess Payments, with additional providers expected to join the network.
Through its partnership with Mastercard, XSquare is also bringing Mastercard’s B2B payments capabilities to the regional market, allowing businesses to fund supplier and vendor payments through cards while settling directly into bank accounts. The company is currently deploying the program with government and large corporate clients.
Following its launch in the UAE, XSquare has expanded into Qatar through a presence at the Qatar Financial Centre and partnerships with banks and regulated payment providers.
The company plans to use the new funding to expand its banking and payment partnerships, strengthen its engineering and commercial teams, and begin operations in Saudi Arabia as it targets a broader GCC expansion.
