Qatar-based fintech startup, Cwallet, has announced that it has secured $220K in Pre-Seed funding from MBK Holding, as well as its founders. Launched in 2019, the startup’s blockchain-powered wallet intended to act as a one-stop-shop for getting paid, transferring money and spending money.

It also offers a cross-border bill payment feature, while the startup is also currently working with Qatar Central Bank to obtain all the necessary licenses to launch a payroll and remittance feature. A versatile product, Cwallet is useful for individuals and businesses alike.

“Not only does Cwallet provide digital wallet services, but now merchants, including startups and e-commerce platforms can use Cwallet as a built-in wallet for their app via API integration,” said co-founder and CEO, Michael Javier. “We are looking to make payment gateways affordable in Qatar, paving the way for smaller businesses to process online transactions with ease and affordability.”

It's shaping up to be a n important year for the startup who, after winning the first Qatar Hub Hackathon, is now competing for the IOE & Seedstars Migration Challenge as one of only 20 startups to be shortlisted.

Learn more about Cwallet here.