Qatari Fintech KARTY Secures Over $2 Million in Seed Funding for Groundbreaking e-Wallet Launch

Qatari Fintech KARTY Secures Over $2 Million in Seed Funding for Groundbreaking e-Wallet Launch

By Press Release, 23 January 2024

KARTY, an emerging Qatari fintech startup, has announced the successful completion of a substantial seed funding round, amassing over $2 million dollars, which is equivalent to more than 7.3 million Qatari Riyals.

This latest infusion of capital, raised from a variety of local investors, signifies a pivotal moment in KARTY's trajectory towards making a significant impact in the Qatari market.

This step precedes its much-anticipated launch, expected as soon as the final approval and licensing from the Qatar Central Bank are attained.

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

Mohammed Suleiman, co-founder and CEO of KARTY, expressed enthusiasm about this pivotal achievement: “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.”

Suleiman added: “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 revolutionize financial transactions with enhanced ease and security.”

Ms. Rana Al Asaad, GM Retail and Private Banking of Masraf Al Rayan stated: “We are delighted to be part of KARTY's pivotal journey and their achievement in securing significant funding. This strategic collaboration signifies our commitment to fostering innovation in Qatar's financial landscape. KARTY's dedication to introducing groundbreaking solutions aligns perfectly with our vision for digital transformation in financial services. We look forward to this partnership propelling us towards greater milestones in enhancing financial experiences for our customers."

In a related vein, Mr. Shashank Singh, Visa’s Vice President & GM for Qatar and Kuwait, said: "Congratulations to KARTY on their successful closure of the seed round investment. We believe in their mission to provide consumers and businesses with secure, innovative financial services and share their commitment to improve financial literacy in Qatar and beyond. Together, we can drive a more secure, inclusive, and prosperous future, and we look forward to supporting KARTY in this exciting new phase of their growth."

Dr. Hamad Mejegheer, Qatar Development Bank’s Executive Director ​of Advisory & Incubation​, said, “We develop the support framework to propel fintech startups to success including financing solutions, incubation, business acceleration, advisory services, and more. We strive to empower entrepreneurs in their journey from ideation to commercialization of products and services, and QDB is proud of the significant advancements made by promising startups like KARTY. We applaud their steps toward success and growth, and we eagerly anticipate their continued achievements in regional and even global markets.”

Empowered by knowledge, KARTY is poised to launch a truly revolutionary e-Wallet solution, complete 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 enhance users' financial understanding and management capabilities significantly.

All these services are integrated into a single, secure financial e-Wallet, designed to maximize efficiency and minimize effort.

KARTY's application stands as Qatar's pioneering digital wallet application, with a strong emphasis on savings and financial awareness.

Deliberately developed to be more than just an app, it is a gateway to financial empowerment.

It offers an extensive range of financial services via a secure, unified platform.

With its launch, KARTY aims to elevate financial literacy in Qatar and beyond, by assisting users in making informed and intelligent financial decisions.


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