A local fintech platform that allows customers to spend, save and manage all their finances from one-app KARTY has raised QR4.3mn(US$1.174million) in a pre-seed round from Visa, Qatar Development Bank (QDB), Qatar Foundation and Qatar based angel investors.
“We can’t wait for consumers and businesses to see and feel the benefits that KARTY will provide them. Such as peer-to-peer payments that will allow users to instantly send and receive money to other KARTY customers, interactive charts that will show daily spending, allow them to track spending with automatic categorisation or edit transactions manually. All wrapped up in a secure, low-cost, and contactless financial tool,” said its co-founder Abdulaziz al-Marri.
The fintech app is supported by Qatar Fintech Hub (QFTH) and Qatar Financial Center (QFC) as well as Visa, QDB and Qatar based angel investors through investments and innovation grants. Qatar Foundation is supporting through its innovation coupon programme.
“QDB collaborates with the Qatar Central Bank to ensure a seamless execution of the national fintech strategy that will boost Qatar’s positioning as a central hub for business in the Middle East. Therefore, we established QFTH to be able to provide a valuable programme that is capable of attracting and supporting local and international fintechs,” said executive director of Advisory at QDB, Ibrahim Abdulaziz al-Mannai.
Qatar Foundation, Investment and Business Development Manager, Dr. Azza Altawashi said investing in startups and entrepreneurs whose innovative ideas benefit the society are a priority for it.
“In addition to funding, QF’s innovation coupon provided KARTY with technical support and guidance that helped them further develop their offering – the first digital wallet app in Qatar with features on savings and financial awareness benefits – and take it to the market,” he said.