Qatar’s Karty raises $1.2M Pre-SEED
Qatar-based FinTech platform Karty has raised $1.2M (QR4.3M) in a Pre-SEED round from Visa, Qatar Development Bank (QDB), Qatar Foundation, and Qatar based angel investors. The Msheireb-based FinTech aims to revolutionize the daily financial experiences for its customers by leveraging cutting-edge technology and transaction data. It is working closely with strategic partner Visa to deliver full digital payment solutions for both consumer and business expenses.
As we get ready for the release of our EVM H1 2022 Venture Investment Reports, we have been tracking the VC activity across MENA throughout the year. While the region’s top geographies have had their fair share of deals and funding, it is the smaller markets that have raised some unprecedented rounds this year including Iraq, Kuwait, Tunisia, Lebanon and Qatar. Countering the many political and socio-economic hurdles, Iraq has managed to raise over $15M this year with the Super App BALY scoring the major share of funding, recording a growth of over 1000%. Kuwait has recorded several $1M+ rounds this year traversing FinTech, E-commerce and EdTech, whereas recently, Tunisia and Lebanon came in with big wins with Lebanon’s toters closing an $18M round while GoMyCode in Tunisia raised $8M to expand across Africa. Qatar also recorded a $875K Pre-Series A round recently closed by FinTech C-Wallet.
The FinTech app is supported by Qatar Fintech Hub (QFTH) and Qatar Financial Center (QFC) as well as Visa, QDB and Qatar based angel investors through investments and innovation grants. Qatar Foundation is supporting through its innovation coupon programme. Co-founder Abdulaziz al-Marri, commented, "We can’t wait for consumers and businesses to see and feel the benefits that KARTY will provide them. Such as peer-to-peer payments that will allow users to instantly send and receive money to other KARTY customers, interactive charts that will show daily spending, allow them to track spending with automatic categorisation or edit transactions manually. All wrapped up in a secure, low-cost, and contactless financial tool."
Ibrahim Abdulaziz al-Mannai, executive director of Advisory at QDB, shared his thoughts on the investment, “QDB collaborates with the Qatar Central Bank to ensure a seamless execution of the national fintech strategy that will boost Qatar’s positioning as a central hub for business in the Middle East. Therefore, we established QFTH to be able to provide a valuable programme that is capable of attracting and supporting local and international fintechs."
According to Qatar Foundation, investing in startups and entrepreneurs whose innovative ideas benefit the society are a priority for it. Dr Azza Altawashi, Investment and Business Development Manager at the foundation, added, "In addition to funding, QF’s innovation coupon provided KARTY with technical support and guidance that helped them further develop their offering – the first digital wallet app in Qatar with features on savings and financial awareness benefits – and take it to the market.”
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