Qatari Fintech Startup KARTY Secures Over $2mn in Latest Seed Round

KARTY, an emerging Qatari fintech startup, has received a substantial seed funding of more than $2mn or more than QR7.3mn.

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 launch, expected as soon as the final approval and licensing from the Qatar Central Bank (QCB) is attained.

Having received in-principle approval for development and demo in strategic partnership with Masraf Al Rayan and in compliance with the QCB regulations, KARTY is poised for the full-scale launch of its e-Wallet and financial resource management application.

KARTY’s e-Wallet solutions, complete with comprehensive payment functionalities and supported by Visa and clients, are set to benefit from several 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.

Mohammed Suleiman, co-founder and chief executive officer of KARTY, thanked investors for the trust placed on it, saying "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 institutions like Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global entities such as Visa.

This robust backing positions it ideally for a dynamic market entry and the launch of an integrated platform that promises to revolutionise financial transactions with enhanced ease and security, according to him.

"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," said Rana al-Asaad, general manager (Retail and Private Banking) of Masraf Al Rayan.

Shashank Singh, Visa’s vice-president and general manager for Qatar and Kuwait, said it believes in KARTY's mission to provide consumers and businesses with secure, innovative financial services and share their commitment to improve financial literacy in Qatar and beyond.

"Together, we can drive a more secure, inclusive, and prosperous future, and we look forward to supporting KARTY in this exciting new phase of their growth," he said.

Dr Hamad Mejegheer, QDB’s executive director (Advisory and Incubation), said: it develops the support framework to propel fintech startups to success including financing solutions, incubation, business acceleration and advisory services.

"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," he said, anticipating their continued achievements in regional and even global markets.