Kem, a Kuwaiti Financial Startup, Raises $1 Million in a Pre-Seed Round
Kuwait's P2P instant payment platform, Kem, has secured over $1 million in funding to bolster its QR code-based payments app and expand its presence throughout the Gulf region.
The fintech startup, known as Kem Technologies, disclosed that the funding came from an international investor consortium led by Maqamees Holdings, as part of its commitment to simplifying and democratizing financial transactions in the area.
The Gulf region, home to millions of users, including those without access to traditional banking services, faces challenges in facilitating seamless money transfers among friends, family, and clients. Complicated payment links and IBAN codes have deterred many potential users from utilizing existing solutions.
Kem’s instant payment platform is designed to meet the users where they are, providing a comfortable and accessible service that empowers underserved segments of society to manage their money more efficiently. It uses QR-code technology to power in-app transactions, which are secured on existing banking infrastructure.
“We want to redefine the Gulf's relationship with money,” says Seth Sadeq, CEO of Kem and co-founder, alongside his brother Zane and George Chichua. “So we built Kem to remove the pain from peer-to-peer payments by making them simple, instant, and accessible. We have already seen the impact Kem has made on people in Kuwait post-launch and we want more people to know about what we do.”
Guided by the mentorship of visionary financial entrepreneur Timothy Li in California, the Sadeq brothers returned to Kuwait to launch Kem Technologies and bring financial inclusion to their country.
Kem’s vision to improve financial access in the Gulf market is being powered by its adoption of the latest AI and machine learning technologies. It blends this new tech with existing banking systems to guarantee secure and instant transactions, regardless of the user’s banking affiliation.
State-of-the-art AI algorithms work alongside 256-bit encryption and FaceID verification to protect the platform against fraudulent activities, aligning with Kem’s core focus to develop security for instant payments
“We have a close relationship with the Central Bank of Kuwait to ensure that we are fully compliant with all the necessary rules and regulations,” says Mr. Sadeq. “Our banking partnerships ensure that your money is backed and supported by the same banks you know and trust. We connect the dots so customers benefit from simple and instant transactions, as well as established security systems.”
Kem, with its distinctive blend of cutting-edge security measures and innovative technology, has successfully attracted a substantial seven-figure investment. This significant funding injection marks the beginning of its upcoming development stage, during which the platform is poised to expand its user base significantly. Among the new users, Kem has earmarked future clients awaiting its official launch in the Saudi Arabian market.