Qatar-based fintech startup Cwallet, on Sunday, announced that it has raised $220,000 pre-Seed investment from its founders and MBK Holding.
Founded in 2019 by Michael Javier along with his six Qatari partners, Cwallet empowers the unbanked community by granting them access to online payments without having to use physical credit cards. The blockchain-powered wallet was designed as a one-stop-shop where users can spend, transfer airtime top-up from their home country, and eventually receive their salary, and send money back home.
Cwallet also enables a cross-border bill payment feature. The startup is currently working with Qatar Central Bank to obtain all the necessary licenses to launch a payroll and remittance feature in the near future.
Speaking of the development, Javier, CEO of Cwallet, in a statement said,
“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,”
Cwallet won the first Qatar Fintech Hub Hackathon and is currently competing as one of the 20 shortlisted startups globally for the IOE & Seedstars Migration Challenge. The startup also scored over $500K in grants last year to facilitate banking via Blockchain.