Qatar-based mobile payment company SkipCash has closed a $1.92 million seed round funding from private Qatari investors.
The current funding is the second round of investments SkipCash has received after the Qatar Science and Technology Park (QSTP) awarded a product development fund of $192254 last year, as a recognition of the fintech startup’s services that addresses a key market need of the economy.
The new capital will be deployed to expand SkipCash’s data infrastructure and services across the country. Since its launch in 2018, the fintech startup has proven its position within the sector as a licensed firm by the Qatar Financial Centre (QFC) and regulated by the Qatar Central Bank (QCB). SkipCash is currently on track to become the most used mobile payment application in the country.
“We are providing a service that is lacking in the local market, one that will enable and support the digital transformation underway. We are extremely excited to be welcoming a number of highly strategic local investors as we scale our operations. The opportunities to collaborate and grow together are significant, and we are now in a strong position to continue to build and scale in the local market.”
SkipCash is a mobile payment app that offers consumers and merchants an easy and enjoyable payment experience. The app facilitates safe digital payment by using QR codes and eliminating cash, physical cards, and point-of-sale (POS) devices.
The users can add their credit card details to the app, check their spending via visual spending reports, organize their payment receipts, and enable virtual accounts for their children or other family members.