(MENAFN- The Peninsula) The Peninsula
Doha: Spendwisor has recently signed an agreement with Gem Global Yield (GEM) to increase the existing facility size from QR190m ($50m) to QR310m ($85m), a testament to the positive progress Spendwisor has shown since the original agreement was signed in July 2021.
Spendwisor, a mobile payment, and customer-centric marketing platform is helping the State of Qatar develop the FinTech sector through bringing in FDI ($85m from the US), creating job opportunities for both the local and global workforce, and supporting the local SMEs by bringing them into the mainstream financial ecosystem.
“The new round of funding will help us streamline the process of committing resources strategically to accomplish our objective to be a global brand. The companies that can transform business processes with new technology and provide a differentiated experience across the globe will be the industry leaders. We aim to be leaders in the Mena region with our investors' continuous and timely support,” said Safarudheen Farook, Co-Founder and CEO of Spendwisor.
“Our discussions with the local and regional FinTech communities have given us a strong reason to expedite our growth strategy, and we are now actively exploring our options to enter several regional markets, mostly through local partnerships. We believe the problems we are trying to address through Spendwisor are country agnostic and need a solution that can work across different sectors and markets. GEM's recent decision to increase our financing limit gives us the ability to execute our plans efficiently,” added Syed J Javaid, Deputy CEO and COO at Spendwisor.
Spendwisor aims to utilise the facility increase to tap further the full potential of the thriving payments market in the Middle East, Europe, and Africa valued at more than $2 trillion.
A QFC registered FinTech company, Spendwisor is incubated in the DIC, supported by the MOTC with their headquarters in the US, and currently a fast-growing mobile payment and loyalty startup in Qatar. Kickstarted by a team of tech innovators, the Company offers a unique experience to customers and retailers, and is on track to position itself as a leading FinTech startup in Qatar and the Middle East region.
Spendwisor's anchor investor, GEM Global Yield, is a $3.4bn Luxembourg-based private alternative investment group with offices in Paris, New York, and the Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 500 transactions in 72 countries. The family of funds and investment vehicles provides GEM and its partner's exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments.
The transaction has been advised by Licorne Gulf, a specialised advisory firm focusing on capital raising based out of Bahrain, Saudi Arabia, London, and Geneva, founded by Alexandre Katrangi and Irina Duisimbekova. The company has 25 years of international experience with fundraising, M&A, development, and advisory for SMEs, Fortune 500 companies, and family businesses.
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