Kamel Pay, UAE-based FinTech and digital financial solutions provider, raised $1m in its latest funding round. The Pre-Seed financing was backed by key strategic angel investors including regional angel investors Hussain Al Qemzi, Former Group CEO of Noor Bank & Sharjah Islamic Bank and Asif Keshodia, former CFO of Souq.com/Amazon MENA.
Founded in 2020 with the strategic aim of empowering businesses and individuals with digital access to a full suite of financial services in MENA and South Asian markets, Kamel Pay recently launched an innovative payments value proposition for businesses and individuals in the UAE.
“We are determined to revolutionize and enhance the quality of lives of the 20m underbanked GCC expatriates through our digital financial services platform. With an 85% smartphone penetration amongst the underbanked GCC expatriates and $100bln flow, the market is now ripe for disruption,” Ehsan Rahman, CEO of Kamel Pay, stated.
The company aims to become the first fintech in the region to provide end-to-end digital payment services to the underbanked ex-pat population in GCC and to their families abroad through a fully integrated platform. Through the bespoke services provided by Kamel Pay, the GCC-based workers will be able to connect with their families and cater to their everyday financial needs.
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