Cwallet, Qatar based Blockchain Platform enabled payments app now valued at 3.5 million USD
Cwallet, the innovative blockchain enabled ﬁnancial services application, utilizing Stellar platform, is now valued at $3.5 million after a highly successful Pre-Series A investment round. Investors including MBK Holding WLL, 360 Nautica LLC and Snoonu Holding, pushed Cwallet’s valuation up after the Pre-Series A funding round.
Cwallet which was created by Qatar ﬁntech startup, C Wallet Services W.L.L., has been thriving in the blockchain ecosystem with various investment. Prior to the Pre-series A funding it received, Cwallet raised 2 million USD. Among its plans to move the ecosystem forward in 2021, is the Q3 release of Cwallet Mobile Money 3.0, an ambitious update to their current oﬀering, allowing users to pay, shop and subscribe to favourite brands in the Cwallet marketplace, while earning loyalty rewards and cashback bonuses.
According to the CEO and founder of Cwallet, Michael Javier, “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 added, “Further investment will also be made internally, with Cwallet expanding its workforce to include expertise in the ﬁelds of information and cyber security, growth hacking and customer management.
Speaking on the investment, Javier said, “This investment will enable the company to push forward towards meeting 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.”
“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”, stated, Hamad Al Hajri, CEO and Founder of Snoonu.
“Partnering with 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 ecommerce solutions, digital content platforms, retail solutions and call centre services. 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.” added, Dr. Tejinder Singh, Founder and Managing Director of 360 Nautica
“The world of ﬁnancial systems is changing rapidly. Open banking & mobile wallets is just the beginning. Much more yet to come.”, concluded Sheikh Mansoor bin Khalifa Al Thani, Founder & Chairman of MBK Holding.
In addition, Javier 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.