CWallet, Qatar-based FinTech processing startup, raised $875k in a pre-series A round led by MBK Holding, with participation from Angels.qa, CWallet founders and local angel investors.
The funds raised will be used for product development, system integrations with strategic local and international partners, release of new features, maintaining regulatory compliance, enhancing cyber security, IT audit preparation and further accreditation.
The startup also aims to increase CWallet’s sales and operation team, improving customer acquisition strategy and strengthening the company’s Environmental, Social, and Governance to support the UN’s Sustainable Development Goals.
“Closing this essential milestone at this time will help accelerate our expansion. We are excited at the prospect of launching new services and in furthering our goal to include everyone in our digital enabling and inclusive ecosystem to promote financial inclusion and literacy in a cashless society without leaving anyone behind,” Michael Javier, CWallet’s CEO and Founder, said.
The soon-to-launch CWallet Mobile Money 4.0 version will have a remittance feature developed in conjunction with one of Qatar’s biggest exchange houses which will allow users to send money instantly anytime, anywhere.
It will also have immediate sprint releases to enable the issuance of virtual prepaid cards, Tap and Pay Via NFC Technology, Scan and Pay via QR Code technology, and pay-by-face via face recognition technology, enabling cashless and contactless transactions for online, offline, and on-mobility payments.
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