UAE-based FinTech and digital monetary options supplier Kamel Pay has efficiently raised $1M in its newest funding spherical. The Pre-Seed financing was backed by key strategic angel buyers together with regional angel buyers Hussain Al Qemzi, Former Group CEO of Noor Financial institution & Sharjah Islamic Financial institution and Asif Keshodia, former CFO of Souq.com/Amazon MENA.
Based in 2020 with the strategic purpose of empowering companies and people with digital entry to a full suite of economic providers in MENA and South Asian markets, Kamel Pay not too long ago launched an progressive funds worth proposition for companies and people within the UAE. The corporate goals to change into the primary fintech within the area to supply end-to-end digital fee providers to the underbanked ex-pat inhabitants in GCC and to their households overseas by means of a completely built-in platform. Via the bespoke providers supplied by Kamel Pay, the GCC-based employees will join with their households and cater to their on a regular basis monetary wants.
Kamel Pay has already gained sturdy traction within the UAE market following its current launch, particularly amongst firms with massive workforce corresponding to contracting, logistics & home providers, and can faucet into the cross-border pockets market by increasing into different GCC markets together with different South Asian markets. Angel investor Hussain Al Qemzi highlighted, “Kamel Pay is targeted on offering entry to at present’s important monetary providers to the underbanked employees throughout the GCC and enhancing the lives of their households on the similar time. I’m happy with the speedy traction they’ve gained and assured within the staff’s capacity to execute the strategic plans on this fast-moving setting.
The UAE-based FinTech strives to stay on the forefront of fixing the ever-emerging monetary wants of the UAE and future markets by delivering some great benefits of safe, on the spot, and cashless funds by means of product innovation and cutting-edge digital expertise developed totally in-house. On the profitable pre-seed spherical, Ehsan Rahman CEO Kamel Pay commented “We’re decided to revolutionize and improve the standard of lives of the 20M underbanked GCC expatriates by means of our digital monetary providers platform. With an 85% smartphone penetration amongst the underbanked GCC expatriates and USD 100 Bn movement, the market is now ripe for disruption.”
The Kamel Pay founding staff includes a gaggle of seasoned professionals with over 100+years of collective industrial/funding banking and expertise management expertise with a confirmed observe file of creating and executing progressive customer-centric digital options delivering value-added buyer advantages in a number of banking and monetary providers organizations throughout the area. The UAE-based FinTech will be capable of make the most of its newly acquired funds to additional assist its platform and provoke its cross-border market enlargement. In mild of this sizable Pre-Seed funding Angel Investor Asif Keshodia concluded, “The Kamel Pay staff with their huge expertise of Banking and monetary providers has a deep understanding of the issues of the underbanked inhabitants of the area. Their plan to make use of the expertise to handle these gaps will open up new alternatives on this section. I’m very excited to be a part of their journey and stay up for seeing them rising and increasing within the area.”