EQIQ Ventures, a venture capital fund headed by Mohamed Al-Hakim, has provided $150,000 in pre-seed funding to Wayl, the payments platform for online sellers in Iraq. Wayl considers this investment to be a major turning point in its mission to empower independent contractors and social media merchants in the area. After a lackluster year of fundraising in 2023, it is also the first investment made in an Iraqi startup in 2024.
Wayl is a payment aggregator and facilitator for small merchants and freelance contractors. It was founded in 2021 by Ali Ismail and provides a smooth platform similar to “Stripe for Iraq.” Without the need for complicated registration procedures or payment gateway agreements, merchants can manage orders, inventories, and payment processing through its user-friendly interface.
In an effort to transform digital payments in Iraq, Wayl recently announced at the Dubai FinTech Summit that it has formalized a strategic partnership with Visa. The Memorandum of Understanding (MOU) addresses the urgent need for digital payment solutions in the rapidly expanding e-commerce landscape and paves the way for Wayl to become the first payment facilitator in Iraq.
The region’s e-commerce is expected to grow at an exponential rate and reach $15 billion by 2027, which highlights the need for creative payment solutions. A startling 97% of transactions in Iraq are still made in cash, despite this growth, underscoring the enormous unrealized potential of digital payments.
EQIQ Ventures is a $15 million venture capital fund based in Abu Dhabi that specializes in helping tech startups grow regionally. In order to support Iraqi businesses and help them expand internationally, EQIQ Ventures wants to establish a strong innovation and entrepreneurship ecosystem in the country.
