Fortis Raises $20M to Transform Retail and Fintech in MENA Region

Dubai-based Fortis, a retail tech and fintech solutions provider tailored for SMEs, announced the successful completion of Series A funding round, raising $20 million in investment led by Opportunity Venture (Asia). This funding marks a significant milestone in Fortis' journey as it embarks on a mission to revolutionise the retail tech and fintech landscape in the Middle East and North Africa region.

With a decade of experience, Fortis empowers entrepreneurs to seamlessly manage offline and online transactions, streamline orders, implement personalised loyalty programmes, and efficiently operate their businesses. Now, with its expansion into the UAE, Fortis is committed to supporting local businesses to generate revenue by connecting merchants and customers in a simple yet efficient way.

"We are thrilled to have secured this significant investment, which will enable us to accelerate our growth and deliver even greater value to businesses in the MENA region," says Alberto Caruso, Fortis Digital Solutions CEO and Founder. "We are committed to leveraging this funding to develop progressive solutions and provide unparalleled support to our clients as they navigate the rapidly evolving retail and fintech landscape." 

Opportunity Venture also expressed enthusiasm for the partnership. "We are excited to lead Fortis' Series A funding round and support their expansion into the MENA region," said Philip F. Ma, Managing Partner at Opportunity Venture. "Fortis' innovative approach to fintech and retail tech solutions aligns with our investment thesis, and we believe they are well-positioned to drive significant value creation in these sectors."

Fortis has set out its plans for using the raised funds, which include:

• Development of Customer-Centric Services: Fortis aims to enrich its suite of services to attract and retain customers by focusing on seamless integration with external platforms and services as well as developing its own services, prioritising UX/UI design.
• Strategic Partnerships: The company will forge strategic partnerships with banks, payment systems, and B2B services to complement their existing products with Fortis' innovative solutions.
• Omnichannel Development: Fortis will prioritise the development of omnichannel capabilities to ensure a seamless user experience across various touchpoints, enhancing customer engagement and satisfaction.
• Brand Building: With a focus on establishing a strong presence in the fintech and retail tech sectors, Fortis will invest in brand-building activities to increase market visibility and credibility.
• Expansion and Talent Acquisition: A portion of the investments will be allocated to expanding Fortis presence in MENA and hiring new talents.

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