Emerging fintech company KARTY from Qatar has announced the successful completion of a significant seed funding round that raised over $2 million, or more than 7.3 million Qatari Riyals. This most recent capital infusion, which was raised from a range of local investors, marks a turning point in KARTY’s development toward becoming a major player in the Qatari market. This action comes before its eagerly awaited launch, which is scheduled to happen as soon as the Qatar Central Bank grants final approval and licensing.
With the in-principle approval for development and demo in a strategic partnership with Masraf Al Rayan and in accordance with the regulations of the Qatar Central Bank, KARTY is ready to launch its innovative financial resource management application and e-Wallet on a large scale.
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 the 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.”
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 and 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 and 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 towards success and growth, and we eagerly anticipate their continued achievements in regional and even global markets.”
With a focus on saving and financial literacy, KARTY’s application is recognized as Qatar’s first digital wallet.
