VIDEO: Mohamed Milyani drives fintech innovation in Saudi with Nqoodlet
Episode 2 of The Next Big Thing podcast, hosted by startup ecosystem veteran Hasan Jabarti, dives into the entrepreneurial journey of Mohamed Milyani — founder and CEO of Nqoodlet. With more than two decades in tech, Mohamed’s story is one of persistence, reinvention, and building Saudi’s fintech future from the ground up.
Early Curiosity and First Ventures
Milyani’s passion for technology began at an early age. Fascinated by computers and how things worked, he was encouraged by supportive parents who gave him the freedom to explore. By the early 2000s, he was already freelancing — designing websites, building plugins, and winning competitions.
That curiosity quickly evolved into entrepreneurship. At a young age, he secured his first investment of 70,000 SAR for a startup. But the venture failed. “I didn’t have the experience back then,” he admitted, reflecting on the lessons learned. Instead of discouraging him, the failure became a stepping stone for future projects.
From Freelancer to Author and Trainer
Determined to build credibility, Milyani leaned into personal branding: printing business cards, using custom domains, and releasing unique plugins that gained traction. His expertise eventually led him to become an Apple-certified trainer. He went on to publish books on Apple products, from iPods to iPhones, and opened a training center that attracted a growing community of tech enthusiasts.
His reach expanded further when he experimented with mobile games. One of his releases reached 20,000 players on launch day — proof that he could build products that resonated with users.
Founding Teams and Software Success
In 2013, Milyani co-founded a software development house with his long-time collaborator Abdalla. Over the course of a decade, the company delivered more than 270 projects for clients. The goal was always twofold: generate sustainable income while incubating in-house products.
That spirit of experimentation led to the creation of Lucidia, an artificial intelligence company. It also laid the foundation for his most ambitious venture yet — Nqoodlet.
Nqoodlet: Solving a Founder’s Problem
The idea for Nqoodlet came directly from personal frustration. After years of managing expenses manually and struggling to separate personal from company finances, Milyani saw an opportunity. “We were facing this issue ourselves,” he explained. “I wanted a solution that would simplify financial management for businesses like ours.”
That pain point evolved into Nqoodlet, a fintech platform designed to help SMEs manage their finances more efficiently. The startup has already closed a $3 million funding round and is preparing to expand across the GCC — powered by Milyani’s 20+ years of experience and sharp market insight.
Strong Cofounder Dynamics
Behind Nqoodlet is a team built on trust and mutual respect. Milyani credits much of the company’s success to his relationship with his cofounders, Abdalla and Yara. Their decision-making process is straightforward: if disagreements arise, they seek a third perspective rather than forcing a majority. “No one overrides the other,” he noted, highlighting the importance of shared values and ego-free collaboration.
Building Culture and Talent
Nqoodlet’s team culture reflects Milyani’s belief in diversity and fresh thinking. Today, 75% of the company’s workforce is female, with many women holding leadership positions. For him, this was not a deliberate diversity strategy, but a natural outcome of hiring based on talent and mindset.
The company also prioritizes Gen Z hires, drawing inspiration from Apple’s philosophy of cultivating young, adaptable minds. “They bring hunger and fresh ideas,” Milyani said, noting that their drive fuels Nqoodlet’s fast-paced innovation.
Saudi’s Startup Landscape: Then and Now
Reflecting on the broader ecosystem, Milyani described the stark difference between the early 2010s and today. From 2013 to 2016, investment opportunities were scarce, and few understood the startup model. But post-2021, the landscape transformed with the arrival of venture capital firms, accelerators, and government programs aligned with Vision 2030.
He noted that Saudi Arabia’s startup scene is now undergoing a “correction phase” after inflated valuations in 2021 — a healthy adjustment that sets the stage for long-term sustainability. “Now is the golden era to build in Saudi,” he said.
Lessons for Founders
For aspiring entrepreneurs, Milyani offers practical advice. First, choose cofounders who complement your strengths and weaknesses, not just those who mirror your skills. Second, set boundaries, rules, and regular check-ins early. “Startups may fail,” he said, “but great cofounders will always find a way to build again.”
Above all, he emphasises transparency, a shared vision, and cultural alignment as the pillars of startup success.
