KARTY, an emerging Qatari fintech startup, has achieved a significant milestone by successfully concluding a substantial seed funding round, amassing over $2 million dollars, equivalent to more than 7.3 million Qatari Riyals. This substantial funding, garnered from various local investors, marks a crucial moment in KARTY’s journey toward making a substantial impact in the Qatari market. The infusion of capital precedes the highly anticipated launch, awaiting final approval and licensing from the Qatar Central Bank.

With in-principle approval for development and demo in collaboration with Masraf Al Rayan and compliance with Qatar Central Bank regulations, KARTY is gearing up for the full-scale launch of its revolutionary e-Wallet and financial resource management application.

Mohammed Suleiman, co-founder and CEO of KARTY, expressed his excitement about this significant achievement, stating, “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.”

Ms. Rana Al Asaad, GM Retail and Private Banking of Masraf Al Rayan, expressed delight about being part of KARTY’s journey, stating, “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.”

In a related statement, Mr. Shashank Singh, Visa’s Vice President & GM for Qatar and Kuwait, congratulated KARTY on the successful closure of the seed round investment. Singh expressed belief in KARTY’s mission to provide secure, innovative financial services and shared a commitment to improving financial literacy in Qatar and beyond.

Dr. Hamad Mejegheer, Qatar Development Bank’s Executive Director of Advisory & Incubation, applauded KARTY’s progress, stating, “We develop the support framework to propel fintech startups to success including financing solutions, incubation, business acceleration, advisory services, and more. We applaud their steps toward success and growth, and we eagerly anticipate their continued achievements in regional and even global markets.”

Empowered by knowledge, KARTY is set to launch a revolutionary e-Wallet solution, featuring comprehensive payment functionalities supported by Visa. Clients are poised to benefit from premium services, including instant peer-to-peer money transfers, daily spending oversight, and the ability to track spending patterns through interactive charts. These features aim to significantly enhance users’ financial understanding and management capabilities within a secure financial e-Wallet.

KARTY’s application stands as Qatar’s pioneering digital wallet application, emphasizing savings and financial awareness. Beyond being an app, it is positioned as a gateway to financial empowerment, offering a range of financial services through a secure, unified platform. With its launch, KARTY aims to elevate financial literacy in Qatar and beyond, assisting users in making informed and intelligent financial decisions.