- Qatar-based fintech platform SkipCash, has raised a $2 million (QAR 7 million) seed round from a group of private local investors. The startup previously received an award of QAR 700,000 back in July 2020 from Qatar Science and Technology Park (QSTP).
- The startup plans to use the investment to expand its data infrastructure across Qatar.
- Founded in 2018 by Mohammed Abdulaziz AlDelaimi, SkipCash allows users to keep track of their bills and spending. It enables them to add their credit card to the app, monitor spending via virtual expense reports, and organise their receipts. The startup caters to different user types, including children.
- SkipCash is licensed by the Qatar Financial Centre (QFC) and regulated by the Qatar Central Bank (QCB).
Qatar's mobile payment company, SkipCash, announced closing QAR 7 million (USD 1.92mn) seed round funding from private Qatari investors. SkipCash is on track to become the most used mobile payment application in the peninsula.
The funding secured represents the second round of investments SkipCash received, following an awarded product development fund of QAR 700,000 in July 2020 from Qatar Science and Technology Park (QSTP), in recognition of its offerings that addresses a key market need in the local economy.
The new capital will be deployed to expand SkipCash's data infrastructure and services across Qatar. Since its launch in 2018, the fintech startup has proven its position within the local fintech sector as a licensed firm by the Qatar Financial Centre (QFC) and regulated by the Qatar Central Bank (QCB).
"We are providing a service that is lacking in the local market, one that will enable and support the digital transformation underway. We are extremely excited to be welcoming a number of highly strategic local investors as we scale our operations. The opportunities to collaborate and grow together are significant, and we are now in a strong position to continue to build and scale in the local market", said Mohammed Abdulaziz AlDelaimi, Founder & Managing Director of SkipCash.
SkipCash is a mobile payment app that provides consumers and merchants with a convenient and enjoyable payment experience. Using QR codes, the app facilitates secure digital payment by eliminating cash, physical cards, and point-of-sale (POS) devices.
Users can securely add their credit card to the app, monitor their spending via visual spending reports, organise their payment receipts, and enable virtual accounts for their children and other family members. It also gives them access to vouchers and coupons from different merchants.