Dubai – Sharikat Mubasher: UAE-based payments company Foloosi announced it has secured an In-Principle Approval (IPA) from the Central Bank of the UAE for a Category III license under the Retail Payment Services and Card Schemes Regulation, marking a major step in its bid to become a licensed payments infrastructure provider in the country.
Founded by Omar Bin Brek and Mohan K, Foloosi began as an online payment acceptance provider and has since expanded into a full merchant payments platform, offering payment links, invoicing, subscriptions, QR and Tap to Phone payments, POS solutions and e-commerce processing, as per the company’s press release. The company has processed more than AED 7 billion in payment volume and now serves over 10,000 merchants across the UAE.
With the IPA secured, Foloosi says it is turning toward AI-native payment infrastructure, aiming to convert transaction, device and merchant data into real-time intelligence for fraud detection, payment orchestration and automated reconciliation.
Co-Founder and CEO Omar Bin Brek said: "We started Foloosi with a simple ambition: to build payment technology in the UAE that could serve businesses of every size." He asserted that Foloosi is now working to meet the remaining regulatory requirements for final licensing.
