Spendwisor, a Doha-based Fintech company advised by Licorne Gulf, announced a QR 190 million (USD 50 Million) investment commitment from GEM Global Yield LLC SCS (GGY) a $3.4 billion Luxembourg-based private alternative investment group. Spendwisor will utilize this facility to tap further the full potential of the thriving Fintech market in the Middle East, Europe, and Africa valued at more than 2 Trillion Dollars.
GEM will provide Spendwisor with a Share Subscription Facility (SSF) of up to QAR 190 million for a 36-month term following a public listing of Spendwisor's common stock.
"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," 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 favourite brands," said Khalid Easa NA Al-Kaabi, Co-founder.
"We are honoured that the GEM Group will invest in Spendwisor, which will allow us to accelerate the development and expansion of our platform and expand our operations to adjacent GCC, European and African markets. This commitment is further to our earlier pre-seed round closed for USD 1 Million from angel investors. We are also grateful for the support of our partner Licorne Gulf, a UK-based company that specializes in capital raising for enterprises. ", said Erhama Nasser IA Al-Kaabi, Advisor and Stakeholder.
Global Emerging Markets (GEM) is a $3.4 billion, Luxembourg-based private alternative investment group with offices in Paris, New York, The Bahamas and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 435 transactions in 72 countries.
Spendwisor, A QFC Fintech company, incubated in DIC supported by MOTC with presence in US and UK, is a fast-growing mobile payment Startup in Qatar. Spendwisor offers a Smart POS to retailers and has an innovative loyalty program with an intelligent algorithm helping them to engage and retain customers.
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Source: Press Release
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