XSquare lands pre-Seed to build B2B payment rails, eyes Saudi Arabia

What's the deal? UAE-based fintech XSquareDealroom has a profile for this one. Try Dealroom → has raised an undisclosed pre-Seed round led by Raed Ventures, with participation from AngelSparkDealroom has a profile for this one. Try Dealroom →, 500 Global, and Oraseya CapitalDealroom has a profile for this one. Try Dealroom →, a Dubai government-backed fund. Founded in 2023 by Tanvir Shah and Ashwin Shenoy, the startup builds a B2B payment orchestration platform.

What's the endgame? XSquare unifies multiple payment rails behind a single integration, letting businesses collect, pay, and reconcile across providers without stitching together separate systems. It is launching with rails from Telr, GeideaDealroom has a profile for this one. Try Dealroom →, VaultsPayDealroom has a profile for this one. Try Dealroom →, Spare, and Tess PaymentsDealroom has a profile for this one. Try Dealroom →, with more to follow.

Where's the money going? XSquare plans to expand its rail and banking partnerships, grow its engineering and commercial teams, and launch operations in Saudi Arabia. The company is already live in the UAE and Qatar, where its Doha launch marked a first cross-border step and a base at the Qatar Financial Centre.

Why it matters: Through a partnership with MastercardDealroom has a profile for this one. Try Dealroom →, XSquare is bringing card-funded supplier and vendor payments to market, settling directly to bank accounts. It is deploying the programme with government and large corporate clients, applying card economics to spend that has sat outside the card ecosystem.

Chief executive Shah said regional B2B payments have "been underserved for too long, forced onto tools built for consumer markets." Raed Ventures founding partner Saed Nashef called the GCC opportunity "large and still largely untapped."

The signal: XSquare's raise underscores growing investor appetite for B2B payment infrastructure in the Gulf, a market where enterprise and government spend has long relied on consumer-built tools. Its planned Saudi entry positions the company for a wider GCC footprint.

Read more: Wamda

Image credit: Openverse