Qatar-based financial technology startup Cwallet has closed a $220,000 pre-seed funding round from its founders and MBK Holding, now crossing the $2m valuation mark. The fintech startup is working closely with the Qatar Central Bank (QCB) to obtain all the necessary licenses to launch their payroll and remittance feature.
Cwallet, which was founded in June 2019, aims to disrupt the current financial landscape model in Qatar. The 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.
“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 Javier, 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,” he said.
Announcement: Cwallet Secures $200k for Payroll