The fintech will look to expand its data infrastructure and services, as it continues its steady march to regional expansion.
Qatar's SkipCash has moved one step closer towards its lofty goal to become the most used mobile payment app on the Peninsula, after revealing that it has raised around $2 million (QAR 7 million) in seed funding from private Qatari investors.
The investment comes on the back of a QAR 700K awarded fund from Qatar Science and Technology Park in July 2020, and will allow the startup to expand its data infrastructure and services across the country. Launched in 2018, SkipCash is something of a key player in the Qatari fintech ecosystem and is licensed by the Qatar Financial Centre (QFC) and regulated by the Qatar Central Bank (QCB).
Using QR codes, the app looks to provide a convenience for both customers and merchants when it comes to digital payment, ultimately aiming to eliminate cash, physical cards and POS devices altogether. The app also allows customers to add a credit card, monitor spending through visual reports, organise payment receipts and even enable virtual accounts for children and other family members.
"We are providing a service that is lacking in the local market, one that will enable and support the digital transformation underway,” said founder and Managing Director, Mohammed Abdulaziz AlDelaimi, who was keen to stress the importance of its newfound partnerships. “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."