UAE-based fintech startup – Fortis – has raised $20 million in Series A funding as it seeks to redefine the retail tech and fintech environments in the Middle East and Africa region.
“We are thrilled to have secured this significant investment, which will enable us to accelerate our growth and deliver even greater value to businesses in the MENA region,” Alberto Caruso, Fortis CEO and founder, said.
Fortis offers point-of-sale (POS) and customer relationship management (CRM) solutions for small businesses, facilitating both offline and online POS payments.
The funding round was led by Opportunity Venture. Last year, the venture capitalist invested $40 million in UAE-based deeptech XPANCEO’s Seed round.
“We are committed to leveraging this funding to develop progressive solutions and provide support to our clients as they navigate the rapidly evolving retail and fintech landscape,” Caruso said.
The newly acquired funds are earmarked for several strategic initiatives aimed at bolstering Fortis’ market position and service offerings.
“We are excited to lead Fortis’ Series A funding round and support their expansion into the MENA region,” said Philip Ma, managing partner at Opportunity Venture.
“Fortis’ innovative approach to fintech and retail tech solutions aligns with our investment thesis, and we believe they are well positioned to drive significant value creation in these sectors,” Ma added.
In addition to service development, a significant portion of the investment will be channelled into brand-building efforts to boost Fortis’s visibility and credibility in the fintech and retail tech sectors.