FinTech

Carti announces the completion of a $2 million investment round to develop digital services

Qatari financial technology company Karty has announced the successful completion of a seed investment round exceeding $2 million, with participation from several local investors.

This announcement comes in anticipation of the official launch of the company’s application after obtaining final approval and a license from the Central Bank of Qatar.

Established in 2021, Karty provides an innovative solution to help users manage their finances, purchases, track expenses, and handle savings.

The company aims to enhance financial literacy in Qatar through a smartphone application. Karty also offers an electronic wallet for purchases in collaboration with Visa and Al Rayan Bank.

This partnership contributed to the launch of the application’s trial version in compliance with the regulations of the Central Bank of Qatar.

Following the investment round, Mohamed Suleiman, Co-founder and CEO of Karty, expressed great pride in the trust shown by the investors.

He emphasized their belief in the company’s vision to provide an innovative solution for financial management through a digital wallet, considering it a promising development.

Suleiman added, “Karty has received direct funding from local and international investors, with support from prestigious institutions such as Qatar Charity, Qatar Development Bank, Qatar Financial Centre, in addition to Al Rayan Bank and international partners like Visa.

This strong support positions our company excellently to enter a dynamic market and launch an integrated and secure platform to revolutionize financial transactions.”

Rana Al Asaad, General Manager of Retail Services and Private Banking at Al Rayan Bank, expressed delight at the bank’s involvement in Karty’s pivotal journey and its achievement of substantial funding.

She stated that this strategic collaboration reflects the bank’s commitment to promoting innovation in Qatar’s financial landscape.

Shashank Singh, Vice President and General Manager of Visa in Qatar and Kuwait, commented on the investment round, emphasizing the importance of Karty’s message in providing secure and innovative financial services.

He commended their significant commitment to developing financial literacy in and outside Qatar, looking forward to continuing support in this crucial stage of Karty’s growth.

Hamad Salem Mejegheer, CEO of Advisory Services and Business Incubators at Qatar Development Bank, praised the support provided to fintech startups.

He highlighted their commitment to offering comprehensive support, including financing solutions, incubation, acceleration, consulting, and more.

Mejegheer expressed great satisfaction with Karty’s significant progress and its ability to take important steps towards success and growth.

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