Qatar-based Spendwisor Raises $1M in Pre-Seed Funding
The company is designed to re-engineer the retail ecosystem and shopping experience with its 3-in-1 app and an innovative rewards programme.
Qatar-based fintech, Spendwisor, has raised $1 million in a pre-Seed round led by Erhama Nasser Al-Kaabi and other angel investors, coupled with an agreed $50 million investment commitment from Luxembourg-based private investment group, GEM Global Yield (GGY).
Founded in 2020 by Safarudheen Farook and Khalid Easa NA Al-Kaabi, Spendwisor is designed to re-engineer the retail ecosystem and shopping experience through its 3-in-1 app which features a mobile wallet, a point of sale (POS) solution, and an innovative customer loyalty programme.
Co-founder Al-Kaabi asserted that Spendwisor was “on the verge of revolutionising 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,” while CEO and Co-Founder Farook likened the company’s endeavour to “a Tesla moment.”
Al-Kaabi explained that “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.”
Using an algorithm which tailors rewards according to a customer’s spending habits and preferences, the platform helps sellers reduce marketing spending, and helps shoppers spend obtained loyalty points.
Globally, it is estimated that consumers are holding over $100 billion worth of unspent loyalty programme points in digital wallets, Spendwisor essentially hopes to give them the freedom to spend these rewards on any brand within the company’s ecosystem.
The new investment will be directed towards developing and expanding the Spendwisor platform, as well as growing its team, operations, and market presence in Qatar.
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