Successful Seed Funding Round: KARTY, a promising fintech startup in Qatar, has secured over $2 million in a substantial seed funding round, a significant financial boost equivalent to more than 7.3 million Qatari Riyals.
Anticipated Launch and Strategic Approvals: KARTY’s achievement precedes its eagerly anticipated launch, pending final approval and licensing from the Qatar Central Bank.
Robust Backing and Strategic Collaborations: KARTY has garnered substantial direct funding from both local and international investors, supported by esteemed institutions such as Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities like Visa.
KARTY aims to elevate financial literacy in Qatar and beyond, by assisting users in making informed and intelligent financial decisions.
The funding, sourced from a diverse group of local investors, marks a pivotal moment in KARTY’s journey toward making a significant impact in the Qatari financial market.
The achievement comes ahead of KARTY’s anticipated launch, pending final approval and licensing from the Qatar Central Bank. With in-principle approval for development and demo secured through a strategic partnership with Masraf Al Rayan and in compliance with Qatar Central Bank regulations, KARTY is gearing up for the full-scale launch of its groundbreaking e-wallet and financial resource management application.
Expressing enthusiasm about this milestone, Mohammed Suleiman, co-founder and CEO of KARTY, stated, “We are immensely proud of the trust our investors have placed in KARTY. Their belief in our vision to provide innovative solutions for managing financial assets through our e-wallet is exhilarating.”
KARTY has garnered substantial direct funding from both local and international investors, complemented by support from esteemed institutions such as Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities like Visa.
This robust backing positions KARTY for a dynamic market entry, promising to revolutionize financial transactions with enhanced ease and security.
Rana Al Asaad, GM of Retail and Private Banking of Masraf Al Rayan, highlighted the strategic collaboration, expressing delight at being part of KARTY’s journey and emphasizing their commitment to fostering innovation in Qatar’s financial landscape.
Shashank Singh, Visa’s Vice President & GM for Qatar and Kuwait, congratulated KARTY on their successful seed round closure, emphasizing Visa’s belief in KARTY’s mission to provide secure, innovative financial services and improve financial literacy in Qatar and beyond.
Hamad Mejegheer, Qatar Development Bank’s Executive Director of Advisory & Incubation, applauded KARTY’s advancements, stating, “QDB is proud of the significant advancements made by promising startups like KARTY. We eagerly anticipate their continued achievements in regional and even global markets.
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