Qatari fintech secures over $2m in funding round

24 January 2024
This latest funding signifies a pivotal moment in Karty's trajectory towards making a significant impact in the Qatari market

by Robert Prendergast

Karty, an emerging Qatari fintech startup, has announced the successful completion of a substantial seed funding round, amassing over $2m.

The latest infusion of capital, raised from various local investors, signifies a pivotal moment in Karty’s trajectory towards making an impact in the Qatari market. This step precedes its launch, which is expected as soon as the final approval and licensing from Qatar Central Bank are attained.

Having received in-principle approval for development and demo in strategic partnership with Masraf Al Rayan and compliance with Qatar Central Bank regulations, Karty is preparing for the full-scale launch of its e-wallet and financial resource management application.

Mohammed Suleiman, co-founder and CEO of Karty, said: “We are immensely proud of the trust our investors have placed in Karty. Their belief in our vision to provide innovative solutions for managing financial assets through our e-wallet is exhilarating.

“To date, Karty has garnered significant direct funding from local and international investors, supplemented by support from esteemed institutions like Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan and global entities such as Visa.

“This robust backing positions us ideally for a dynamic market entry and the launch of an integrated platform that promises to revolutionise financial transactions with enhanced ease and security.”

Karty is poised to launch an e-wallet solution with comprehensive payment functionalities supported by Visa. Karty clients are set to benefit from an array of premium services that ensure efficient and swift financial management.

This includes instant peer-to-peer money transfers, oversight of daily spending, and the ability to track spending patterns through interactive charts. These features are designed to significantly enhance users’ financial understanding and management capabilities.

All these services are integrated into a single, secure financial e-wallet to maximise efficiency and minimise effort.

This article was first published by MEED’s sister site Retail Banker International 

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