QPay, the recently licensed provider of “Buy Now, Pay Later” (BNPL) financial services in Oman, has closed its most recent round of seed funding, with Cyfr Capital serving as the lead investor. As part of Future Fund Oman’s (FFO) strategic mission to support and accelerate growth within the nation’s fintech sector, this major funding round has been announced.
The QPay investment by Cyfr Capital is the first installment of FFO’s larger plan to foster and assist cutting-edge fintech solutions. By giving customers better access to credit services, this investment demonstrates a common goal to advance Oman’s digital economy. With the approval of the Central Bank of Oman (CBO), QPay will provide the leading BNPL platform in the industry, with the goal of promoting greater financial inclusion throughout the Sultanate of Oman.
Commenting on the successful funding round, CEO and Co-Founder Khalid Al-Mahrooqi said: “We are thrilled to welcome Cyfr Capital as our lead investor at this pivotal stage in our growth. Their confidence in our vision, alongside the strategic backing from Future Fund Oman, reinforces our ability to drive fintech innovation in Oman. Together, we are set to revolutionise access to essential goods and services, making financial inclusion a reality for more people across the nation.”
With QPay’s novel BNPL model, customers will have more financial flexibility by being able to buy goods and services in easy, interest-free monthly installments. The platform, which is powered by a cutting-edge mobile application, is made to cater to a wide range of customers, guaranteeing that credit access isn’t limited to a particular group of people. This strategy also supports the company’s objective to promote economic growth and financial parity by encouraging more people to participate in and support the expanding local economy.
With its impending launch, QPay will be at the forefront of digital financial services, revolutionizing the way consumers manage their finances as Oman’s fintech scene continues to grow. With the support of Cyfr Capital and the Future Fund Oman, QPay is well-positioned to play a significant role in determining the direction of the nation’s financial landscape.
