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Qatar Blockchain fintech startup Cwallet crosses 2 million USD valuation

Qatar based Blockchain enabled Fintech startup, CWallet, has closed a new  $220,000 pre-seed funding round from its founders and  MBK Holding. This makes the total investment in Cwallet to date to $2 million plus.  The startup is now working closely with Qatar Central Bank to obtain all the necessary licenses to launch  their payroll and remittance feature in the near future. 

Cwallet was founded in June 2019  and  it aims to disrupt the  current financial  landscape model  in Qatar. This Stellar powered blockchain wallet  was designed and  developed to be a one stop shop where users can, get paid,  spend,  transfer airtime  top-up  form  home   country  and  eventually   receive  their  salary  and  send money  back home  along with cross border  bills payment feature. 

Not  only  does  Cwallet   provide   digital   wallet   services,  but  now  merchants,  including   startups and e-commerce  platforms  can  use Cwallet  as a  built-in  wallet  for  their  app  via API integration.  “We  are looking  to make  payment gateways affordable in Qatar, paving the way for smaller businesses to process online transactions with ease and affordability.” Said Michael Javier, CEO & Co-founder of Cwallet. 

The  mission  has always  been  to  provide  payment solutions  for all users without  exception.  Financial inclusion is at the  core  of the  business and  for this reason, Cwallet is looking  to empower the unbanked community by granting them  access to online payments without  the use of credit cards. 

Cwallet has won the  very 1st Qatar  Fintech  Hub Hackathon and  is currently  competing as one  of the  20 shortlisted   startups  globally   for   the   IOE   &   Seedstars  Migration   Challenge.   Aside   from   funding achievements Cwallet has also established numerous strategic partnerships with local and global players including  one  of the  largest  money  transfer services  in the  world with a worldwide  network  of 447,000 locations in 160 countries and over 1 billion transfers securely sent. 

The FINTECH sector is one  of the  fastest growing sectors in the Middle East and is expected to receive  a boost as the region slowly shifts towards being a cashless society.

UNLOCK had previously intereviewed CEO of Cwallet who talked about their future plans in the GCC and MENA region as well as Asia. 

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

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