Qatar-based Spendwisor raises $1M in Pre-Seed fundraise
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Spendwisor, A Qatar-based Fintech startup, has raised $1M in a Pre-Seed funding round led by Angel Investor Mr. Erhama Nasser IA Al-Kaabi alongside other Qatar-based angel investors.
Based on MAGNiTT's free 2020 Qatar Venture Investment Report in partnership with Qatar Development Bank, Qatar's Fintech sector accounted for 9% of all Venture Capital funds raised in 2020, and Spendwisor is one of several Qatar-based Fintech startups attracting investments. Founded in July 2020 by Safarudheen Farook and Khalid Easa NA Al-Kaabi, Spendwisor aims to repair the retail ecosystem and re-engineer the shopping experience by providing a 3-in-1 app with a Mobile Wallet, Mobile Point of Sale Solution, and Innovative Loyalty Programme. As a result, it enhances the shopping experience and makes interactions between retailers and shoppers more effective.
Spendwisor app benefits retailers and shoppers alike. Retailers can use the app to accept mobile payments, create cashback campaigns and issue loyalty points. The tech-driven platform utilizes algorithms to tailor reward programs according to users’ shopping habits, allowing merchants to spot their target shoppers and reach them directly, saving millions in marketing expenditures. "We are creating a Tesla moment in the FinTech industry by providing a single digital platform for retailers to accept payments and run marketing campaigns using the payment data, thus turning the payment platform into a powerful digital marketing media to reach the customers directly," said Safarudheen Farook, Co-Founder, and CEO.
The Spendwisor app offers a seamless shopping experience for consumers, where Shoppers can make payments, earn loyalty points, and spend them on any brand within the Spendwisor ecosystem. "We are on the verge of revolutionizing the retail industry and the entire shopping experience by introducing a one-of-its-kind mobile payment platform where every shopper earns a cash reward instantly after shopping for his favorite brands. Furthermore, the reward shoppers earn is brand agnostic and can be used or redeemed at any brand, thus providing the complete freedom to earn and spend their rewards," said Khalid Easa NA Al-Kaabi, Co-founder.
The FinTech startup and shopping platform plans to utilize its newly acquired funds in accelerating the development and expansion of the platform, and further growing its operations and team to cover new markets in Qatar.
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