Spendwisor, a US-headquartered mobile payment app with business offices and service locations in Qatar and the United Kingdom, has confirmed a QAR 190 million ($50 million) investment commitment from GEM Global Yield, a $3.4 billion Luxembourg-headquartered private alternative investment group.
The company plans to use this facility to expand its operations in the Fintech sector, particularly in the MENA region.
GEM will offer Spendwisor with a Share Subscription Facility (SSF) of up to QAR 190 million for a 36-month term after a public listing of its common stock. As noted in the announcement, Spendwisor will be controlling both the timing and maximum amount of drawdowns under the SSF. In addition to the public listing, Spendwisor will be issuing warrants to GGY in order to acquire up to 8.7% of the firm’s common stock.
As mentioned in the update, Spendwisor provides a Smart POS, which takes payments from any card to established retailers and MSMEs. At present, MENA region-based small businesses may not have access to these facilities.
Khalid Easa NA Al-Kaabi, Co-founder at Spendwisor, stated:
“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 favorite brands. Furthermore, the reward shoppers earn is brand agnostic and can be used or redeemed at any brand, thus providing the complete freedom to earn and spend their rewards.”
As explained by its management, Spendwisor is a Fintech startup that’s mainly focused on Mobile Payments and Loyalty Program Solutions.
The company notes that it offers a mobile wallet, mobile POS, as well as an innovative loyalty program solution “tailored for the retail industry.” The firm will focus on the Qatari retail sector for now. In addition to a mobile-first digital wallet, the Fintech provides a mPOS and an out-of-box loyalty program.
The company says it’s “innovating” the loyalty program industry as part of their efforts to “democratize reward points” which means being able to earn from one place and spend anywhere you want.