Michael Javier, CEO and founder of CWallet, and Dr. Abdulmohsin Al Yafei, COO and co-founder of CWallet, and others.
Doha: Qatar’s award-winning fintech payment processing startup CWallet has a pre-series A investment round led by MBK Holding for $ 875,000 with the participation of Angels.qa, CWallet founder and local angel investors. It ended successfully at (QR3,193,750).
The funds raised will be used primarily for product development, system integration with strategic national and international partners, new feature releases, regulatory compliance maintenance, cyber security enhancements, IT audit preparation, and further certification. Will be done. Budgets have also been allocated to strengthen the company’s environmental, social and governance (ESG) to increase CWallet’s sales and operations teams, improve customer acquisition strategies and support the United Nations Sustainable Development Goals. increase.
The end of the pre-series A round of investment will take place as the company approaches the planned end-of-month release of the CWallet MobileMoney 4.0 version to coincide with the startup’s third anniversary.
Michael Javier, CEO and Founder of CWallet, said: “We would like to thank all investors, teams, the CWallet family, national and international strategic partners, and all stakeholders who have supported us. Preparing to celebrate our 3rd anniversary. Once you’ve done that, you’ll see a brighter, bigger horizon in front of us. I think the actual startup journey is about to begin! ”
Dr. Abdulmohsin AlYafei, COO and co-founder of CWallet, said the end of the pre-series A round is a corporate development landmark that will enable us to drive our growth plans.
“Closing this important milestone at this point will help accelerate our expansion. To launch new services and promote financial inclusion and literacy in a cashless society with no one left behind. We are excited to drive the goal of including everyone in our comprehensive digitally-enabled ecosystem, “he said.
The upcoming CWalletMobileMoney 4.0 version has a money transfer feature developed in conjunction with one of Qatar’s largest currency exchanges, allowing users to send money instantly anytime, anywhere. It also offers immediate release of sprints that enable the issuance of virtual prepaid cards, tap and pay with NFC technology, scan and pay with QR code technology, and face-by-face with face recognition technology, cashless and contactless online. Enables type payment. Offline and on-mobility payments.