Riyadh, Saudi Arabia — OCTA, a fintech startup dedicated to transforming accounts receivable management for small and medium-sized enterprises (SMEs), has successfully closed a $2.25 million USD pre-seed funding round. The round was co-led by Quona Capital and Sadu Capital, with participation from Sukna Ventures, Plus VC, 500 Global, and notable angel investors, including Pawel Iwanow, Chief Payment Officer at Fresha, and Dom Monhardt, Director of Product Design at Tap Payments.
Founded in early 2024 by Jon Santillan, a serial entrepreneur who previously sold his company to Careem, and Nupur Mitta, a former leader at Careem Pay with a background at BCG, OCTA aims to solve a critical pain point for SMEs—cash flow management. Along with Andrey Korchak, former CTO of a fintech startup backed by Peter Thiel’s Valar Ventures, the founders set out to create a platform that simplifies and automates the process of collecting payments, easing the burden of accounts receivable for businesses.
“Ask any business owner, and they’ll tell you: collecting payments isn’t just a finance problem; it’s a business problem,” said Santillan. “Late payments, managing multiple invoicing tools, following up with customers, resolving disputes, and accessing finance—these challenges slow down business growth.” Santillan highlighted that 60% of B2B invoices in the UAE are paid late, with businesses spending an average of 40 days chasing overdue payments. “This hampers growth and puts immense pressure on businesses trying to scale,” he added.
OCTA’s platform automates the entire accounts receivable process, from contract creation to cash collection. Users can upload contracts or use pre-made templates to generate invoices, while the platform tracks payments and assigns customers a collection score. Based on this score, OCTA automates reminders, follow-ups, and even offers financing options. The platform also addresses disputes by checking contracts and provides tools to recover debts efficiently.
“We’re building a global company from the Middle East to change how businesses collect payments and manage cash flow, starting with Saudi Arabia,” Santillan said.
Since its inception, OCTA has processed over $28 million in receivables, with clients such as Careem, Lean Technologies, Ogram, Money Hash, and Gameball utilizing the platform to streamline their invoicing and payment processes.
Monica Brand Engel, co-founder and managing partner of Quona Capital, praised OCTA’s innovative approach to solving a major pain point for SMEs. “Our investment in OCTA marks our growing interest in a region that is intentionally fostering innovation in fintech. OCTA’s AI-driven platform has the potential to transform accounts receivable collections, freeing businesses to focus on growth,” Engel said.
Qusai AlSaif, Partner at Sadu Capital, echoed these sentiments, emphasizing the founders’ expertise. “Jon, Nupur, and Andrey have an impressive track record of building successful companies. OCTA is addressing a critical pain point for SMEs, unlocking growth potential for businesses across the region,” AlSaif stated.
Amal Dokhan, Managing Partner at 500 Global, which had previously backed Santillan’s first venture, reaffirmed their support for the founding team, highlighting their ability to scale OCTA’s solution across markets.
Asher Siddiqui, General Partner at Sukna Ventures, added, “OCTA is turning receivables into growth capital and building a key data infrastructure that helps SMEs manage their cash flow more effectively. We’re excited to be part of their journey.”
With this funding, OCTA plans to expand its operations across the Middle East and help businesses reduce the manual effort involved in chasing payments, allowing them to focus on growth and innovation.
About OCTA
OCTA is a fintech platform that automates accounts receivable management for SMEs. Its solutions include:
- Automated Payment Collection: A one-click solution to track, chase, and collect payments.
- Flexible Invoice Financing: Provides businesses access to funds by offering financing options on their invoices.
- Debt Collection Services: Assists in recovering payments from delinquent invoices through professional services.
OCTA’s comprehensive platform optimizes cash flow management, allowing businesses to focus on growth by streamlining the payment process from start to finish.
