KARTY, an emerging Qatari fintech startup, has closed a substantial seed funding round, amassing over $2 million dollars, which is equivalent to more than 7.3 million Qatari Riyals. This latest infusion of capital, raised from a variety of local investors, signifies a pivotal moment in KARTY’s trajectory towards making a significant impact in the Qatari market. This step precedes its much-anticipated launch, expected as soon as the final approval and licensing from the Qatar Central Bank are attained.
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Having received in-principle approval for development and demo in strategic partnership with Masraf Al Rayan and in compliance with the Qatar Central Bank regulations, KARTY is poised for the full-scale launch of its groundbreaking e-Wallet and financial resource management application.
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Mohammed Suleiman, co-founder and CEO of KARTY, expressed enthusiasm about this pivotal achievement: “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.”
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Ms. Rana Al Asaad, GM Retail and Private Banking of Masraf Al Rayan stated: “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. KARTY’s dedication to introducing groundbreaking solutions aligns perfectly with our vision for digital transformation in financial services. We look forward to this partnership propelling us towards greater milestones in enhancing financial experiences for our customers.”
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Dr. Hamad Mejegheer, Qatar Development Bank’s Executive Director of Advisory & Incubation, said, “We develop the support framework to propel fintech startups to success including financing solutions, incubation, business acceleration, advisory services, and more. We strive to empower entrepreneurs in their journey from ideation to commercialization of products and services, and QDB is proud of the significant advancements made by promising startups like KARTY. We applaud their steps toward success and growth, and we eagerly anticipate their continued achievements in regional and even global markets.”
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About KARTY
Established in 2021, KARTY is an innovative Qatari startup in the Financial Technology sector, nurtured under the incubation of Qatar Fintech Hub. It aims to develop an integrated financial platform offering innovative solutions to users. In collaboration with Visa and Masraf Al-Rayan, the eWallet provides exceptional financial services, enabling individuals and companies to manage financial assets and savings through a user-friendly app.
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KARTY is dedicated to fostering financial literacy in Qatar and beyond by introducing an application that caters to all financial necessities, including comprehensive income control, peer-to-peer transactions, budget setting, and expense tracking.
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