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OCTA has raised a $3.5 million seed round led by MEVP, with participation from Wa’ed Ventures, Plug and Play and A-typical Ventures, alongside existing investors Sukna Ventures and Sadu Capital.
OCTA says the round takes its total funding to $5.6 million.
The company has also launched OCTA Flow, a set of AI agents aimed at accounting firms, which can carry out bookkeeping, reconciliations and month-end close before handing the work back to accountants for review and approval. More than 520 firms have signed up for access in the six weeks since launch, according to the company.
Founded in 2024 by Jon Santillan and Nupur Mittal, OCTA first focused on automating accounts receivable and accounts payable for SMEs, including invoicing, payments and collections.
It’s Santillan’s second fintech startup, having previously co-founded money-transfer infrastructure company Denarii, whose assets were acquired by Careem in 2022, before joining Careem and working on its remittances business. Mittal also came from Careem Pay, where she worked across product and strategy, after an earlier stint at BCG.
The company raised a $2.25 million pre-seed round in October 2024, co-led by Quona Capital and Sadu Capital, with participation from Sukna Ventures, Plus VC and 500 Global.
Last June, OCTA also secured a separate $20 million credit facility from Saudi’s Sukna Fund for Direct Financing, allowing it to offer short-term working capital through its invoicing and payments platform.
OCTA Flow marks a broader move into the work accounting firms perform for those businesses. Rather than only automating individual processes such as sending invoices or chasing payments, OCTA is building software that can complete portions of the recurring accounting workload itself, while leaving final review and professional responsibility with the accountant.
OCTA says its platform processed 172,000 transactions without manual handling in August, which it estimates freed up more than $75,000 in billable capacity for accounting firms.
The company is also widening its geographic focus. OCTA started in Saudi and the UAE, where the introduction of corporate tax, e-invoicing and other regulatory requirements has increased the amount of structured finance and accounting work required from businesses.
It’s since expanded into the US, where the driver is less regulatory change and more the staffing economics of the accounting industry. OCTA says its targeting firms looking to take on more clients without increasing headcount at the same pace.
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