Fintech Startup Kamelpay Nets $1M To Give UAE’s First P2P Payments Services
Fintech startup and digital financial solutions provider kamelpay gathered pre-Seed funding of $1M to kick start its dream of providing P2P solutions for the first time in the UAE region.
Based in UAE, the Fintech startup Kamel Pay gathered $1M in pre-seed financing. The startup is backed by strategic angel investors including Hussain Al Qezi-former CEO of Noor Bank and Asif Keshodia-the former CEO of Souq.com/ Amazon MENA.
Founded in 2020, it provides the best comprehensive corporate payment platform that disburses fintech solutions to various business sectors. The startup also helps in hassle-free payroll management, reduces cash handling difficulties, and messes with its online payment services.
Kamel also offers Kamel cards acceptable in 200+countries. And enables its users to withdraw their monthly wages from ATMs whenever they want. Other than this it provides a facility to monitor fund and transaction history and send money anywhere and whenever users want.
The startup is the first UAE fintech that aims to provide a P2P solution. However, UAE as a whole is a fertile region for fintech As the latest UAE Fintech report stated that UAE ranked first amongst Arab nations last year in the Index of Modren Financial Technologies.
Also, across the region, the Fintech industries differ greatly, but UAE is the most dynamic market. Thus accounting for almost 24% of Fintech companies leaving behind Morroco and Egypt with 12% and Tunisia with 10%. This fintech market is going to swell more especially due to fintech app development. As per the reports, it is estimated that by 2022 about 465 fintech firms in the UAE will generate $2 billion in investment. Many startups recently also have gathered a huge amount of funding. For instance, Zwaya a Dubai-based fintech startup bagged an investment of $1M. Similarly, another fintech startup Sanad Cash raised $1.6M.
One of the biggest reasons which caused surge in the fintech industry is financial inclusion. Plus the accessibility of financial services it has brought to the masses in this region.