(MENAFN- The Peninsula)
Sachin Kumar/ The Peninsula
QPAY International is set to become Qatar's first Fintech company to expand operations to foreign market. The company is set to launch its operations in Oman, Kuwait and Iraq by 2022.
'Our plan is to take QPAY and Qatari FONTECH innovation to new markets. We are very close to launching operations in Oman, with partnerships with Omani banks while closely working with the Central Bank of Oman. We have also started our expansion plans in Kuwait, and have met with the Central Bank of Iraq as well as some Iraqi banks Nebil Ben Aissa, CEO, QPAY International, told The Peninsula in an interview.
'COVID-19 slowed us down, but we plan to launch our operations in Oman and Kuwait by end of this year, and Iraq by early next year. By 2022 we plan to be in all the three markets: Oman, Kuwait and Iraq, said Nebil, a US Fintech entrepreneur who grew up in the United States.
Prior to establishing QPAY in Qatar in 2011, Nebil was running multiple technology companies in USA. He has more than 20 years of experience in starting, operating, growing, buying, selling and investing in companies specializing in Fintech, blockchain, electronic payments, electronic banking, mobile payments and e-commerce.
To fund its expansion plans, QPAY is planning to raise growth funds via private equity firms or via a public listing of its shares onto the London Stock Exchange (LSE); as it aims to raise around $20m to $30m in growth capital, based on an enterprise valuation of $200m to $300m.
'We have achieved enough growth and our financials would allow us to list via an Initial Public Offering (IPO) onto the London Stock Exchange (LSE) or LSE/AIM markets. Many other Fintech firms in UAE and the Middle East have listed onto the LSE in 2019. For example, UAE based Network International listed onto the LSE via an IPO which valued their company at $4.6bn; thus our valuation expectations based on our high growth achievements should be very conservative, he said.
'We plan to list the company in 18 to 24 months, after regulatory approval, and in full compliance with Qatari as well as UK laws. Our objective is to raise capital to grow the company and expand into new markets in order to make Qatar and its leadership proud of us. We shall prove that Qatar is a Fintech Hub which can produce innovation and leadership in technology and financial services, explained Nebil.
QPAY has a compelling growth story in the local market. The company was incorporated in 2011, but it started operations in Qatar in 2015. After launching its operations, the company has grown more than 115 times over a short span of five years; its robust growth is due to its innovative payment solutions and focus on the Qatari Small and Medium Enterprises (SME) sector.
'We help thousands of SME owners and operators grow their businesses through a network of high-quality, low cost, secure and easy to use financial service solutions, said Nebil. 'We service approximately 15,000 to 17,000 Qatari small businesses and their employees, which is approximately 227,000 low-wage workers. Our customers are small shops, restaurants, mechanic shops, hairdressers, janitorial companies, small contractors…etc. Our services help micro and small business owners have a better life in Qatar, as well as help their low-wage workers receive payment on time and in full. he added.
The company is playing a crucial role in government objective of financial inclusion and making financial transactions cashless and accessible to the low-income class. 'We are in line with the vision of H H the Amir because our objective is to spread digital transactions and participate in making Qatar a fully Digital society by 2030. Our services also enable low-wage workers to exercise their human right of getting paid in full and on-time, an important requirement by the Qatari Government towards low wage workers in Qatar, he said.
QPAY has introduced the country's fastest salary payment system that allows SMEs to manage various aspects of their small business Human Resources and payroll headaches, and have reduced salary processing from days to less than 60 seconds.
Part of its SME payment innovation portfolio, QPAY also provides digital point of sale (POS) systems, which allow small businesses to grow their businesses by accepting electronic payments and reducing cash management. Cash is dirty, prone to transmit diseases, and is expensive to track, count and manage for SMEs.
The QPAY set of solutions, help the SME receive payments directly onto their bank account at very low cost fees, and without overhead. '..We are also enabling thousands of SMEs to get ready for the World Cup 2022 and helping them accept electronic payments from football fans and tourists, he said.
In addition to geographical expansion, QPAY plans to introduce Qatari FINTECH innovation targeting SME owners and operators across the GCC and the Middle East region.
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