Qatar-based Fintech startup Cwallet has closed a $220K Pre-Seed funding round from its founders and MBK Holding.
Cwallet was founded in June 2019 and aims to disrupt the current financial landscape model in Qatar. The blockchain-powered wallet was designed and developed to be a one-stop-shop where users can get paid, spend, transfer airtime top-up from the home country, and eventually receive their salary, and send money back home. Cwallet also has a cross-border bill payment feature.
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The startups' mission has always been to provide payment solutions for all users without exception; they aim to empower the unbanked community by granting them access to online payments without the use of credit cards. They are now working closely with Qatar Central Bank to obtain all the necessary licenses to launch a payroll and remittance feature in the near future.
Michael Javier, CEO & Co-Founder of Cwallet said, "Not only does Cwallet provide digital wallet services, but now merchants, including startups and e-commerce platforms can use Cwallet as a built-in wallet for their app via API integration. We are looking to make payment gateways affordable in Qatar, paving the way for smaller businesses to process online transactions with ease and affordability.”
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Cwallet has won the first Qatar Fintech Hub Hackathon and is currently competing as one of the 20 shortlisted startups globally for the IOE & Seedstars Migration Challenge. Cwallet has also established numerous strategic partnerships with local and global players.
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