Officials during the announcement of substantial seed funding round completion.
Doha, Qatar: KARTY, an emerging Qatari fintech startup, has announced the successful completion of a substantial seed funding round, amassing over $2m, which is equivalent to more than QR7.3m.
This latest infusion of capital, raised from a variety of local investors, signifies a pivotal moment in KARTY’s trajectory towards making a significant impact in the Qatari market. This step precedes its much-anticipated launch, expected as soon as the final approval and licensing from the Qatar Central Bank are attained.
Mohammed Suleiman, co-founder and CEO of KARTY, expressed enthusiasm about this pivotal achievement: “We are immensely proud of the trust our investors have placed in KARTY. Their belief in our vision to provide innovative solutions for managing financial assets through our e-Wallet is exhilarating.”
Suleiman added: “To date, KARTY has garnered significant direct funding from local and international investors, supplemented by support from esteemed institutions like Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities such as Visa. This robust backing positions us ideally for a dynamic market entry and the launch of an integrated platform that promises to revolutionize financial transactions with enhanced ease and security.”
Rana Al Asaad, GM Retail and Private Banking of Masraf Al Rayan stated: “We are delighted to be part of KARTY’s pivotal journey and their achievement in securing significant funding. This strategic collaboration signifies our commitment to fostering innovation in Qatar’s financial landscape. KARTY’s dedication to introducing groundbreaking solutions aligns perfectly with our vision for digital transformation in financial services. We look forward to this partnership propelling us towards greater milestones in enhancing financial experiences for our customers.”
In a related vein, Shashank Singh, Visa’s Vice President & GM for Qatar and Kuwait, said: “Congratulations to KARTY on their successful closure of the
seed round investment. We
believe in their mission
to provide consumers and businesses with secure, innovative financial services and share their commitment to improve financial literacy in Qatar and beyond. Together, we can drive a more secure, inclusive, and prosperous future, and we look forward to supporting KARTY in this exciting new phase of their growth.”
Executive Director of Advisory & Incubation at QDB Dr. Hamad Mejegheer said, “We develop the support framework to propel fintech startups to success including financing solutions, incubation, business acceleration, advisory services, and more. We strive to empower entrepreneurs in their journey from ideation to commercialization of products and services, and QDB is proud of the significant advancements made by promising startups like KARTY. We applaud their steps toward success and growth, and we eagerly anticipate their continued achievements in regional and even global markets.”
