Omani BNPL fintech QPay closes Seed round
- Oman-based fintech QPay has closed a Seed round at an undisclosed value, led by Cyfr Capital.
- Founded in 2022 by Khalid Al-Mahrooqi and Ali Al-Lawati, QPay offers Buy Now Pay Later (BNPL) financial services in Oman.
- This funding round comes as part of Future Fund Oman’s (FFO) strategic mandate to foster and accelerate growth within the country’s fintech sector.
Press release:
Oman’s new licenced ‘Buy Now, Pay Later’ (BNPL) financial services provider, QPay, has successfully closed its new round of seed funding, with Cyfr Capital taking the lead as the primary investor. This significant funding round comes as part of Future Fund Oman’s (FFO) strategic mandate to foster and accelerate growth within the country’s fintech sector.
Cyfr Capital’s investment in QPay represents the first tranche of FFO’s broader initiative to incubate and support innovative fintech solutions. This investment underscores a shared vision to drive Oman’s digital economy forward by empowering consumers through enhanced access to credit services. With Central Bank of Oman (CBO) approval, QPay is set to offer an industry-leading BNPL platform, designed to create greater financial inclusion across the Sultanate of Oman.
Commenting on the successful funding round, CEO and Co-Founder Khalid Al-Mahrooqi said: “We are thrilled to welcome Cyfr Capital as our lead investor at this pivotal stage in our growth. Their confidence in our vision, alongside the strategic backing from Future Fund Oman, reinforces our ability to drive fintech innovation in Oman. Together, we are set to revolutionise access to essential goods and services, making financial inclusion a reality for more people across the nation.”
QPay’s innovative BNPL model will allow consumers to purchase products and services through convenient, interest-free monthly installments, providing them with greater financial flexibility. The platform, driven by a state-of-the-art mobile application, is designed to serve a diverse demographic, ensuring that credit access is not restricted to a select few but is available to a broader range of consumers. This approach also aligns with the company’s mission to create financial parity and support economic growth by enabling more people to engage and contribute to the growing local economy.
As Oman’s fintech landscape continues to evolve, QPay’s upcoming launch will place the company at the forefront of digital financial services, with the potential to revolutionise how consumers manage their finances. With a strong backing from Cyfr Capital and the Future Fund Oman, QPay is all set to be a key player in shaping the future of the country’s financial ecosystem.