Doha – 25th January, 2022 –The recent agreement signed between Spendwisor Inc. and Gem Global Yield LLC SCS (GEM) to increase the existing facility size from QAR 190 million ($50m USD+) to QAR 310 million (USD 85m) is 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 ($85 million 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,” says Safarudheen Farook, Co-Founder, and CEO.
“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,” says Syed J. Javaid, Deputy CEO and COO.
Spendwisor aims to utilize this facility increase to tap further the full potential of the thriving payments market in the Middle East, Europe, and Africa valued at more than two trillion dollars.
Spendwisor is a QFC registered Fintech company that lives and breathes all things futuristic. Incubated in DIC supported by MOTC with their headquarters in the US, Spendwisor is a fast-growing mobile payment and loyalty startup in Qatar. Kickstarted by a team of tech innovators, it offers a unique experience to customers and retailers. It 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 LLC SCS, is a $3.4 billion 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.
This transaction has been advised by Licorne Gulf, a specialized advisory firm focusing on capital raising based out of Bahrain, Saudi Arabia, London, and Geneva, founded by Alexandre Katrangi & 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.