Oman’s newly licensed Buy Now, Pay Later (BNPL) financial services provider, QPay, has successfully closed its latest seed funding round, with Cyfr Capital leading as the primary investor. This funding aligns with Future Fund Oman (FFO)’s strategy to drive growth in the country’s fintech sector.
This marks Cyfr Capital’s first investment under FFO’s initiative to foster innovative fintech solutions, reflecting a shared goal of advancing Oman’s digital economy by increasing access to credit services. With approval from the Central Bank of Oman (CBO), QPay will introduce an industry-leading BNPL platform aimed at boosting financial inclusion throughout the Sultanate.
QPay’s CEO and Co-Founder Khalid Al-Mahrooqi commented, “We are excited to have Cyfr Capital as our lead investor during this critical phase of our growth. Their confidence in our vision, along with strategic backing from Future Fund Oman, strengthens our ability to drive fintech innovation in Oman. Together, we are poised to revolutionize access to essential goods and services, bringing financial inclusion to more people nationwide.”
QPay’s BNPL platform will allow consumers to purchase products and services with interest-free monthly installments, offering greater financial flexibility. The platform, powered by a cutting-edge mobile application, is designed to reach a broad demographic, ensuring that credit access is widely available. This aligns with QPay’s mission to create financial equality and stimulate economic growth by enabling more people to contribute to the local economy.
As Oman’s fintech sector continues to grow, QPay is set to launch as a leader in digital financial services, with the potential to transform how consumers manage their finances. With robust support from Cyfr Capital and Future Fund Oman, QPay is well-positioned to play a key role in shaping the future of Oman’s financial ecosystem.
