For the first time in Qatar: Spendwisor secures QAR190 million ($50 million) capital commitment from Global Emerging Markets (GEM)

Doha: Spendwisor, a Doha-based Fintech company advised by Licorne Gulf, announced a QAR 190 million ($50 million) investment commitment from GEM Global Yield LLC SCS (GGY) a $3.4 billion Luxembourg-based private alternative investment group. Spendwisor will utilize this facility to tap further the full potential of the thriving Fintech market in the Middle East, Europe, and Africa valued at more than 2 Trillion Dollars.

GEM will provide Spendwisor with a Share Subscription Facility (SSF) of up to QAR 190 million for a 36-month term following a public listing of Spendwisor's common stock.  "We are creating a Tesla moment in the Fintech industry by providing a single digital platform for retailers to accept payments and run marketing campaigns using the payment data," said Safarudheen Farook, Co-Founder and CEO. "We are on the verge of revolutionizing the retail industry and the entire shopping experience by introducing a one-of-its-kind mobile payment platform where every shopper earns a cash reward instantly after shopping for his favourite brands," said Khalid Easa NA Al-Kaabi, Co-founder.