XSquare Raises Pre-Seed Round Led by RAED Ventures to Expand into Saudi Arabia

UAE-based XSquare has closed a Pre-Seed investment round led by RAED Ventures, with participation from Spare, 500 MENA, and Oraseya Capital, supporting the company’s plans to expand its operations and further develop its business payments platform.

XSquare is developing a business-focused payments platform designed to streamline payment settlement by connecting different payment options within a unified system. The platform enables businesses to pay supplier and vendor dues using card funding and settle them directly into bank accounts, in collaboration with Mastercard.

The company will use the investment to expand its banking partnerships, grow its team, and launch operations in Saudi Arabia, while currently operating in the UAE and Qatar.

Founded in 2023 in the UAE by Tanvir Shah and Ashwin Shenoy, XSquare is developing its business payments offering around a unified system for payment options and settlement.