• Wayl secured USD150,000 in pre-seed funding from EQIQ Ventures, led by Mohamed Al-Hakim, marking a significant milestone for the platform and signaling renewed investor interest in Iraqi startups after a slow fundraising year in 2023.
• Established in 2021, Wayl serves as a payment aggregator and facilitator for small merchants and freelance workers in Iraq, offering a user-friendly platform akin to “Stripe for Iraq,” streamlining order management, inventory tracking, and payment processing without complex registration requirements.
• Wayl’s strategic partnership with Visa, forged during the Dubai FinTech Summit, underscores its commitment to transforming digital payments in Iraq.
Wayl, an Iraqi leading payments platform for online sellers, has secured USD150,000 in pre-seed funding from EQIQ Ventures, a venture capital fund led by Mohamed Al-Hakim.
The investment marks a significant milestone for Wayl, as it strives to empower social media merchants and freelance workers throughout the region.
The funding represents the first investment in an Iraqi startup in 2024 following a sluggish fundraising year in 2023.
Established in 2021 by Ali Ismail, Wayl functions as a payment aggregator and facilitator for small merchants and freelance contractual workers, providing a streamlined platform reminiscent of “Stripe for Iraq.” Its user-friendly interface enables merchants to manage orders, inventories, and payment processing seamlessly, eliminating the need for complex registration procedures or payment gateway agreements.
Wayl recently solidified a strategic partnership with Visa during the Dubai FinTech Summit, highlighting its dedication to revolutionizing digital payments in Iraq.
The Memorandum of Understanding (MOU) lays the groundwork for Wayl to become the primary payment facilitator in Iraq, addressing the critical need for digital payment solutions in the rapidly expanding e-commerce sector.
The explosive growth of e-commerce in the region, forecasted to reach USD15 billion by 2027, underscores the urgency for innovative payment solutions. However, despite this growth, a staggering 97% of all transactions in Iraq are still conducted in cash, underscoring the vast untapped potential for digital payments.
Based in Abu Dhabi, EQIQ Ventures is a USD15 million venture capital fund dedicated to supporting tech startups and facilitating regional expansion. With a mission to foster the growth of Iraqi companies on a global scale, EQIQ Ventures aims to cultivate a thriving ecosystem of innovation and entrepreneurship in Iraq.
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