Qatar Based Cwallet, blockchain enabled payments app now valued at 3.5 million USD

Qatar Based Cwallet, blockchain enabled payments app now valued at 3.5 million USD

 
 Cwallet,  the  innovative blockchain enabled  financial  services application, utilizing Stellar platform, and  created by Qatar  fintech  startup, C Wallet Services W.L.L., is now valued  at $3.5 million after a highly successful Pre-Series A investment round. Investors including  MBK Holding  WLL, 360  Nautica LLC and  Snoonu Holding,  pushed Cwallet’s valuation  up after the Pre-Series A funding round. This is not the first investment Cwallet receives, prior to this it raised 2 million USD
 
 The  investment, says Cwallet  Chief Executive  Officer  and  founder, Michael  Javier,  will enable the  company to  push forward  towards meeting its  strategic and  operational goals, including  achieving regulatory compliance for the  app’s remittance and  payroll features. “The Pre-Series A funding  round,  along  with our  institutional, funder  and  shareholder investment, has  put  Cwallet in a position to set  our sights on product development and expansion,” says  Javier,  who  confirms that  their  investor roster secures  guaranteed business transactions amounting to  half a billion Qatari  riyals per  year,  and  access to more  than  200,000 unique  users and  3,000  merchants.
 
 Chief  among Cwallet’s plans  for 2021  is the  Q3 release of Cwallet  Mobile Money  3.0, an ambitious update to their current offering,  allowing users to pay, shop and  subscribe to  favourite   brands  in  the   Cwallet  marketplace,  while  earning   loyalty  rewards and cashback bonuses.
 
Cwallet  will, says Javier,  “change the  payment landscape in Qatar  and  the  region”, though   not    without    safeguards   in   place,  such  as   Cwallet’s  partnerships   with anti-money laundering platform  providers, which  will ensure all users are  verified  via a Know-Your-Customer process.
 
Further  investment will also be made internally, with Cwallet expanding its workforce to include  expertise in the  fields  of information  and  cyber  security, growth  hacking and customer management. 
 
“Ultimately,”   says  Javier,    “we   remain   guided  by   our   mission  to   be   a   globally competitive company that  meets local needs, solving  the pain points  of our customers and  service providers, from big retailers  to home-based businesses. With our funding, we’re  in a position to scale up and  build on our gains,  so  we really are  grateful  for the trust  our investors have  placed in us.” 
  
“We  believe   Cwallet  will be  a  game changer in digitalisation financial  services  with multiple  options for multiple  segments , we are  happy to be  one  of the  main  investors in pre-series A round", stated, Hamad Al Hajri, CEO and  Founder of Snoonu. 
 
"Partnering Cwallet was  a significant step for 360nautica. We are always  on the lookout for potential startups that  have  hyper  growth  prospects. Investing  in a fintech  solution such as  Cwallet  makes a significant impact since  we  are  able  to  deploy  the  solution throughout  our   digital   ecosystem  that   ranges  from   ecommerce   solutions,  digital content platforms, retail solutions and  call centre services. In combination we have  one of  the  largest digital  footprints in Qatar  that  Cwallet  can  leverage. 360nautica as  a venture builder  will continue to  add  value  and  give strategic impetus to the  growth  of Cwallet in Qatar  and  the region." added,  Dr. Tejinder Singh,  Founder and  Managing Director of 360 Nautica
  
“The world  of financial  systems is changing rapidly.  Open  banking & mobile  wallets  is just the beginning. Much more  yet to come.", concluded  Sheikh  Mansoor bin Khalifa Al Thani, Founder & Chairman of MBK Holding
 
Source: Cwallet press release
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