FinTech KARTY secures $2m to expand e-Wallet solution in Qatar

By Delisha Fernandes

KARTY, a Qatar-based FinTech startup, has completed a substantial seed funding round, securing $2 million.

This new 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.

Having received in-principle approval for development and demo in strategic partnership with Masraf Al Rayan and compliance with the Qatar Central Bank regulations, KARTY aims to launch its e-wallet and financial resource management application.

Mohammed Suleiman, co-founder and CEO of KARTY, said, “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. To date, KARTY has garnered significant direct funding from local and international investors, supplemented by support from esteemed institutions like Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities such as Visa.”

KARTY clients will benefit from various premium services that ensure efficient and swift financial management. This includes instant peer-to-peer money transfers, oversight of daily spending, and the ability to track spending patterns through interactive charts. These features are designed to enhance users’ financial understanding and management capabilities significantly. All these services are integrated into a single, secure financial e-Wallet, designed to maximize efficiency and minimize effort.

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.”