SubsBase is to bolster its product development, recruit appropriate talent, and grow its footprint in the Middle East and North Africa (MENA) region following a successful seed funding round.
The Egyptian cloud-based subscription, recurring revenue and billing management platform has closed its latest seed funding round at $2.4million, and aims to deploy capital to increase its operational footprint.
Founded in 2020, the platform enables subscription and recurring-based businesses with the collection, operational, analytics and billing tools to efficiently manage their clients.
SubsBase’s services engage with various customer segments and verticals, such as software-as-a-service (SaaS) companies; lending companies on the recurring collection of instalments and insurance premiums; and real estate companies on mortgages and utility payments.
The management of revenues and collection is an operational challenge that many businesses have reported facing; specifically the diversification of payment forms and providers.
The company’s no-code/low-code platform removes the overhead for companies by managing the subscription lifecycle of invoicing, payments and notifications through integration with existing systems.
Removing the overhead could allow businesses to focus more on their core products and services. Through its provision of subscription and recurring payments management solutions, the company describes itself as ‘a catalyst for businesses, helping businesses acquire and retain more customers, and scale rapidly without the overhead distraction’.
“Businesses in MENA face unique challenges with revenue management,” said Sherif Aziz, the company’s co-founder and chief business officer. “As the first and only recurring revenue management platform in the MENA region, we are positioned to capitalise on this, empowering our customers to focus on their core business instead of day-to-day operations, payments, and collection.”
Led by the MEA-focused venture capital firm Global Ventures, participating investors in the investment round included HALA Ventures, P1 Ventures and Plus Venture Capital (+VC); among others.
The newly raised funds will be deployed to accelerate product development to cater to rapidly increasing customer demands and support the expansion strategy across the MENA region. SubsBase has the first-mover advantage and aims to roll out its platform across MENA.
SubsBase will also deploy the funds to develop its global and regional integration capabilities and build its educational content and business development support for recurring revenue-based businesses. This will enable, and ultimately promote, growth in the market.
“The new investment will advance product development, recruit appropriate talent, and grow our footprint in the region. This will significantly strengthen our subscription-based businesses in the MENA region,” comments the company’s co-founder and CEO, Mohamed Farag.
“Our aim is to create a sustainable, profitable ecosystem for subscription-based businesses, and deliver both unique value and best-in-class technology.”
Image and article originally from thefintechtimes.com. Read the original article here.