• Company to Strengthen ESG Positioning
  • Launch of CWallet Mobile Money 4.0 Imminent

Doha, Qatar – Qatar’s award-winning FinTech Payment Processing Startup CWallet has successfully closed its Pre-Series A investment Round at $875,000 (QAR 3,193,750) led by MBK Holding W.L.L, with participation from Angels.qa, the CWallet founders, and local angel investors.

The funds raised will be primarily used for product development, system integrations with strategic local and international partners, release of new features, maintaining regulatory compliance, enhancing cyber security, IT audit preparation and further accreditation. Budget has also been allocated to increase CWallet’s sales and operation team, improving customer acquisition strategy and strengthening the company’s Environmental, Social, and Governance to support the UN’s Sustainable Development Goals. 

Closing of the Pre-Series A Investment Round comes as the company nears the planned month-end release of its CWallet Mobile Money 4.0 version to coincide with the startup’s third anniversary.

“It’s been a long and winding round, but it’s perfect timing to officially close this round,” said Michael Javier, CWallet’s CEO and Founder. “We want to thank all our investors, the team, the CWallet family, our local and international strategic partners, and all our stakeholders that have supported us. As we ready to celebrate our third anniversary we see an even brighter and bigger horizon ahead of us. I believe that the actual startup journey is about to begin!”

Dr. Abdulmohsin Al Yafei, CWallet COO and Co-Founder said the closing of the Pre-Series A round is a company development landmark enabling it to push forward its growth plans.

“Closing this essential milestone at this time will help accelerate our expansion. We are excited at the prospect of launching new services and in furthering our goal to include everyone in our digital enabling and inclusive ecosystem to promote financial inclusion and literacy in a cashless society without leaving anyone behind,” he said.

The soon-to-launch CWallet Mobile Money 4.0 version will have a remittance feature developed in conjunction with one of Qatar’s biggest exchange houses which will allow users to send money instantly anytime, anywhere. It will also have immediate sprint releases to enable the issuance of virtual Prepaid cards, Tap and Pay Via NFC Technology, Scan and Pay via QR Code technology, and pay-by-face via face recognition technology, enabling cashless and contactless transactions for online, offline, and on-mobility payments.

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The above features will be in line with Qatar Central Banks regulatory framework and will be released as CWallet progresses. 

About CWallet: 

CWallet is a payment processing and financial technology firm that develops and delivers online, mobile and point of sale solutions across Qatar and the region, providing digital wallet, marketplace, and prepaid cards to its customers. CWallet promotes financial inclusion and literacy via cashless society without leaving anyone behind.

CWallet was incubated by the Digital Incubation Center under Qatar’s Ministry of Communication and I.T. and was awarded by the Qatar Science and Technology Park’s Product Development Fund. CWallet was also part of the Qatar Business Incubation Center incubation program under the Ooredoo Digital and Beyond program as part of a Qatar Development Bank’s initiative.

This award-winning Startup was a winner of Qatar Fintech Hub’s very first hackathon challenge.

A proud startup alumni of Seedstars for being part of the top 9 finalists during International Organizations of Employers (IOE) and Seedstars 2021 Migration Challenge Start-up Competition, as well as one of the winners of The Migration Entrepreneurship Prize 2021. Such recognition allowed CWallet to pitch its startup journey during the recently concluded International Migration Review Forum 2022 in New York, hosted by the President of the UN General Assembly.

MCIT has awarded CWallet with The most Innovative Fintech Startup Solution during Qatar IT Business Award.

To date, CWallet is part of the ongoing C3 Social Impact Accelerator Program 2022 powered by HSBC, as one of the top 20 finalists.