XSquare raises a pre-seed round for B2B payment orchestration
UAE-based fintech XSquare has raised an undisclosed pre-Seed round led by Raed Ventures, with participation from AngelSpark, 500 Global and Oraseya Capital. Specific terms of the deal were not disclosed.
The round follows an earlier undisclosed funding round raised from AngelSpark earlier this year.
Founded in 2023 by Tanvir Shah and Ashwin Shenoy, XSquare is building a B2B payment orchestration platform that brings multiple payment rails, collections, payments and reconciliation into a single system for businesses.
Operating in partnership with Mastercard, the company is bringing Mastercard’s B2B payments product to market, enabling card-funded supplier and vendor payments that settle directly to bank accounts.
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XSquare is currently live in the UAE and Qatar, its first cross-border expansion and plans to use the new capital to expand its payment rail and banking partnerships, grow its engineering and commercial teams, and launch operations in Saudi Arabia.
The company is addressing a structural gap: B2B payments in the region have largely depended on tools built for consumer markets, leaving businesses stitching together fragmented systems.
XSquare’s orchestration layer gives corporates and government entities a single integration point across providers, unlocking card economics on spend that has historically sat outside the card rails.
“The B2B payments opportunity across the GCC is large and still largely untapped, and XSquare is one of the few teams with both the banking depth and technical execution to capture it,” said Saed Nashef, Founding Partner at Raed Ventures. “Their early traction with Banks, Government entities and enterprise clients, together with their progress on the Mastercard B2B programme, gave us the conviction to lead this round.”
For international partners and investors looking at the India–Gulf corridor, XSquare represents a bet that the region’s B2B payment infrastructure is ready to be rewired and that the team doing it has the banking relationships to make it stick.
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