Karty, an emerging Qatari fintech startup, has announced the completion of a substantial seed funding round, amassing over $2 million, the equivalent of more than 7.3 million Qatari Riyals.
The latest injection of capital, raised from a variety of local investors, comes as the fintech awaits final approval and licencing from the Qatar Central Bank.
Having received in-principle approval for development and demo, in partnership with Masraf Al Rayan and in compliance with Qatar Central Bank regulations, the company is preparing for the full-scale launch of its e-wallet and financial resource management application.
The e-Wallet solution comes complete with comprehensive payment functionalities supported by Visa. It has been designed to provide an array of premium services including instant peer-to-peer money transfers, oversight of daily spending, and the ability to track spending patterns through interactive charts. A key focus of the app is on enhancing users’ financial understanding and management capabilities by integrated all services into a single, secure financial e-wallet.
With its launch, Karty said it aiming to elevate financial literacy in Qatar and beyond by assisting users in making more informed and intelligent financial decisions.
Mohammed Suleiman, co-founder and CEO of KARTY said: “To date, KARTY has garnered significant direct funding from local and international investors, supplemented by support from esteemed institutions like the Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities such as Visa.”
He added: This robust backing positions us ideally for a dynamic market entry and the launch of an integrated platform that promises to revolutionise financial transactions with enhanced ease and security.”
