KARTY, the fintech platform that allows customers to spend, save and manage all of their finances from one-app has raised QAR 4.3 million in a pre-seed round from Visa, Qatar Development Bank (QDB), Qatar Foundation & Qatar based angel investors.
The Msheireb based Fintech company aims to revolutionize the daily financial experiences for it’s customers by leveraging cutting-edge technology and transaction data. KARTY is working closely with strategic partner Visa to deliver full digital payment solutions for both consumer and business expenses.
KARTY Co-Founder Abdulaziz Al-Marri stated, “We’re extremely happy with the faith that local institutions such as Qatar Development Bank, Qatar Foundation Qatar Financial Centre, Qatar Fintech Hub and global financial powerhouse VISA has shown in KARTY. We can’t wait for consumers and businesses to see and feel the benefits that KARTY will provide them.
Such as peer-to-peer payments that will allow users to instantly send and receive money to other KARTY customers, interactive charts that will show daily spending, allow them to track spending with automatic categorization or edit transactions manually. All wrapped up in a secure, low-cost, and contactless financial tool.”
KARTY, the fintech app is supported by the two FinTech sector incubators; Qatar Fintech Hub (QFTH) and Qatar Financial Center (QFC). As well as Visa, Qatar Development Bank (QDB) & Qatar based angel investors through investments and innovation grants. On top of this Qatar Foundation has shown great trust in KARTY via the QF Innovation Coupon program.
Ibrahim Abdulaziz Al Mannai, Executive Director of Advisory at QDB, commented on the pre-seed investment in Karty by saying: “QDB collaborates with the Qatar Central Bank to ensure a seamless execution of the national FinTech strategy that will boost Qatar’s positioning as a central hub for business in the Middle East. Therefore, we established Qatar FinTech Hub to be able to provide a valuable program that is capable of attracting and supporting local and international FinTechs. Karty was one of the graduates of QFTH with an exemplary commitment. Their work has a proven success record which is demonstrated by the interest they are receiving from various stakeholders. we wish them best of luck in their next phase of development.”
Dr. Azza Altawashi, Qatar Foundation, Investment and Business Development Manager says, “Investing in startups and entrepreneurs whose innovative ideas benefit the society are a priority for us. In addition to funding, QF’s Innovation Coupon provided KARTY with technical support and guidance that helped them further develop their offering – the first digital wallet app in Qatar with features on savings and financial awareness benefits – and take it to the market.”
