• Saudi Arabia-based fintech startup Prexle has raised SAR2.5 million ($670,000) in its Seed round led by several angel investors.

• Prexle provides cloud-based point of sale (POS) services for retailers and was founded in 2020 by Abdullah Alajlan and Yazeed Alsaif.

• Prexle’s software also enables retailers to manage inventory, purchase orders as well as generate reports on sales and tax. 

• Electronic invoicing will be compulsory for companies in Saudi Arabia by the end of 2021. 

Press release

Saudi Arabia-based cloud point of sale startup which helps owners run their stores has completed its seed round of 2.5m SAR by several angel investors. Prexle was founded in mid 2020, with a purpose to provide a unique and complete solution for retail owners.

In a joint statement, CEO and co-founder, Abdullah Alajlan said: “We’re happy to close our round of investment, which is going to surely help us improve the retail industry in the Kingdom through employing the latest technologies in the point of sale industry”.

Yazeed Alsaif, co-founder and CTO added: “We value our investors' trust; this round marks an important milestone in our journey to change the way retail works, and will allow us to even further develop and improve our product.”

Prexle helps retail store owners in industries such as groceries, clothes shops, electronics and others to manage inventories, customers, purchase orders, discounts, and generate reports on sales, taxes and inventories. 

And with the latest regulations in the Kingdom in imposing e-invoicing on transactions by end of 2021. Prexle is one of the companies that provide the service.