Qatar-based fintech payment processing startup CWallet has successfully closed its pre-Series A investment round at $875,000 (QR3.19mn) led by MBK Holding, with participation from Angels.qa, the CWallet founders, and local angel investors.
The funds raised will be primarily used for product development, system integrations with strategic local and international partners, the release of new features, maintaining regulatory compliance, enhancing cyber security, IT audit preparation, and further accreditation.
Budget has also been allocated to increase CWallet’s sales and operation team, improving customer acquisition strategy and strengthening the company’s environmental, social, and governance to support the UN’s Sustainable Development Goals.
Closing of the pre-Series A investment round comes as the company nears the planned month-end release of its CWallet Mobile Money 4.0 version to coincide with the startup’s third anniversary.
“It’s been a long and winding round, but it is perfect timing to officially close this round,” said Michael Javier, CWallet’s CEO and founder.
“We want to thank all our investors, the team, the CWallet family, our local and international strategic partners, and all our stakeholders that have supported us. As we are ready to celebrate our third anniversary, we see an even brighter and bigger horizon ahead of us. I believe that the actual startup journey is about to begin,” he added.
Dr Abdulmohsin al-Yafei, CWallet COO and co-founder, said the closing of the pre-Series A round is a company development landmark enabling it to push forward its growth plans.
“Closing this essential milestone at this time will help accelerate our expansion. We are excited at the prospect of launching new services and in furthering our goal to include everyone in our digital enabling and inclusive ecosystem to promote financial inclusion and literacy in a cashless society without leaving anyone behind,” he said.
The soon-to-launch CWallet Mobile Money 4.0 version will have a remittance feature developed in conjunction with one of Qatar’s biggest exchange houses, which will allow users to send money instantly anytime, anywhere.
It will also have immediate sprint releases to enable the issuance of virtual prepaid cards, tap and pay via NFC technology, scan and pay via QR code technology, and pay-by-face via face recognition technology, enabling cashless and contactless transactions for online, offline, and on-mobility payments.