Cwallet said to raise $220,000 in pre-seed funding

Qatar-based FinTech company Cwallet has reportedly collected $220,000 in pre-seed capital to support product innovation.

The funds were supplied by its founders and MBK Holding, according to a report from Crowdfund Insider.

Following the close of the round, Cwallet is working with the Qatar Central Bank to acquire licenses that enable it to introduce payroll and remittance services.

Cwallet offers a mobile app where people can receive salaries, send money home, pay bills, buy groceries from your local store, access metro tickets, purchase bus tickets and transfer money to family and friends.

The app, which is available on the Apple Store and Google Play, also allows an employer to access a compliant payroll system, offers transparency to stakeholders and improve services to employees.

Cwallet CEO and co-founder Michael Javier told Crowdfund Insider, “We are looking to make payment gateways affordable in Qatar, paving the way for smaller businesses to process online transactions with ease and affordability.

“The mission has always been to provide payment solutions for all users without exception. Financial inclusion is at the core of the business and for this reason, Cwallet is looking to empower the unbanked community by granting them access to online payments without the use of credit cards.”

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