Qatar Start-up Cwallet Secures $220K Pre-seed Funding

Qatar-based financial technology startup, Cwallet,
has closed a $220,000 pre-seed funding round from its founders and
MBK Holding. The startup is now working closely with Qatar
Central Bank
to obtain all the necessary licenses to
launch its payroll and remittance feature in the near future.

Cwallet was founded in June 2019 and it aims to disrupt the
financial landscape model in Qatar.
This blockchain-powered
wallet was designed and developed to be a one-stop-shop where users
can get paid, spend, transfer airtime top-up form home country and
eventually receive their salary and send money back home along with
cross border bills payment feature.

Not only does Cwallet provide digital wallet services, but now
merchants, including startups and e-commerce platforms can use
Cwallet as a built-in wallet for their app via API integration.

“We are looking to make payment gateways affordable in Qatar,
paving the way for smaller businesses to process online
transactions with ease and affordability,” said Michael
CEO & Co-founder of Cwallet.

The mission has always been to provide payment solutions for all
users without exception. Financial inclusion is at the core of the
business and for this reason, Cwallet is looking to empower the
unbanked community by granting them access to online payments
without the use of credit cards.

CWallet has won the very 1st Qatar Fintech Hub Hackathon and is
currently competing as one of the 20 shortlisted startups globally
for the IOE & Seedstars Migration Challenge. Aside from funding
achievements Cwallet has also established numerous strategic
partnerships with local and global players including one of the
largest money transfer services in the world with a worldwide
network of 447,000 locations in 160 countries and over 1 billion
transfers securely sent.

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Qatar Start-up Cwallet Secures $220K Pre-seed Funding
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