Cwallet, an innovative financial services App created by Qatar fintech startup, C Wallet Services, is now valued at $3.5mn after a highly successful Pre-Series A investment round.
Investors, including MBK Holding, 360 Nautica, and Snoonu Holding, pushed Cwallet’s valuation up after the Pre-Series A funding round.
Cwallet CEO and founder Michael Javier said the investment will enable the company to meet 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,” said 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.
Among Cwallet’s top plans for 2021 is the Q3 release of ‘Cwallet Mobile Money 3.0’, an ambitious update to its current offering, allowing users to pay, shop, and subscribe to favourite brands in the Cwallet marketplace, while earning loyalty rewards and cashback bonuses.
Javier said, “Cwallet will 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.”
He said further investment will also be made internally, with Cwallet expanding its workforce to include expertise in the fields of information and cybersecurity, growth hacking, and customer management.
“Ultimately,” 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,” said Javier.
“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,” said Hamad al-Hajri, CEO and founder of Snoonu.
Dr Tejinder Singh, founder and managing director of 360 Nautica, said: “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 e-commerce solutions, digital content platforms, retail solutions, and call centre services.”
He added: “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.”
“The world of financial systems is changing rapidly. Open banking and mobile wallets are just the beginning. Much more is yet to come,” said Sheikh Mansoor bin Khalifa al-Thani, founder & chairman of MBK Holding.