- Qatar-based fintech startup Spendwisor has raised $1 million in a pre-Seed round led by Erhama Nasser Al-Kaabi and other angel investors as well as a QAR190 million ($50 million) investment commitment from GEM Global Yield (GGY), a Luxembourg-based private alternative investment group.
Founded in 2020 by Safarudheen Farook and Khalid Easa NA Al-Kaabi, Spendwisor is a Qatar Financial Centre (QFC) fintech company focusing on mobile payments and loyalty programme solutions. It provides a mobile wallet and mobile POS tailored to the retail industry.
Global Emerging Markets (GEM) will provide Spendwisor with a share subscription facility (SSF) of up to QAR190 million for a 36-month term following a public listing of Spendwisor's common stock.
Spendwisor will use both the investment and GEM facility to accelerate the development and expansion of its platform, expand its operations and team to grow its market presence in Qatar.
Spendwisor, A Qatar-based Fintech startup, has secured a $1 million in Pre-Seed funding round, led by Mr. Erhama Nasser IA Al-Kaabi and local angel investors.
Further, it has signed an agreement with one of the leading US VCs focusing on Global Emerging Market (GEM)for a commitment of QAR 50 Million (QAR 190 Million). This commitment is based on milestones with a USD 5 million drawdown as seed funding and beyond.
Founded in July 2020 by Safarudheen Farook and Khalid Easa NA Al-Kaabi, Spendwisor aims to repair the retail ecosystem and re-engineer the shopping experience by providing a 3-in-1 app with a Mobile Wallet, Mobile Point of Sale Solution, and Innovative Loyalty Programme. As a result, it enhances the shopping experience, makes the interactions between the retailers and shoppers more meaningful and effective.
"We are creating a Tesla moment in the Fintech industry by providing a single digital platform for retailers to accept payments and run marketing campaigns using the payment data, thus turning the payment platform into a powerful digital marketing media to reach the customers directly," said Safarudheen Farook, Co-Founder, and CEO.
"We are on the verge of revolutionizing the retail industry and the entire shopping experience by introducing a one-of-its-kind mobile payment platform where every shopper earns a cash reward instantly after shopping for his favorite brands. Furthermore, the reward shoppers earn is brand agnostic and can be used or redeemed at any brand, thus providing the complete freedom to earn and spend their rewards," said Khalid Easa NA Al-Kaabi, Co-founder.
Spendwisor app benefits retailers and shoppers. Retailers can use the app to accept mobile payments, create cashback campaigns and issue loyalty points. Our algorithm tailors the reward program according to a customer's shopping habits. Combining payment and loyalty programs into a single platform lets merchants use the payment data to target the right shoppers and reach them directly. It helps merchants save millions on marketing, which are otherwise wasted due to ineffective outreach and inaccurate data.
Globally, people hold unused loyalty points worth 360 billion dollars in their wallets. The Spendwisor app provides a seamless shopping experience for consumers. Shoppers can make a payment, earn loyalty points, and has the freedom to spend the points on any brand within the Spendwisor ecosystem. Our mission is to democratise the reward points and provide freedom for shoppers and profit for retailers.
This investment will allow us to accelerate the development and expansion of our platform, expand our operations and team to grow the market presence in Qatar.