Muscat, Oman – QPay, Oman’s newly licensed ‘Buy Now, Pay Later’ (BNPL) financial services provider, has announced the successful close of its seed funding round, led by Cyfr Capital. The investment marks a significant milestone for QPay, with this funding being part of Future Fund Oman (FFO)’s strategic mission to foster growth and innovation within the country’s fintech landscape.
Cyfr Capital’s backing of QPay is the first step in FFO’s broader initiative to incubate and support groundbreaking fintech solutions across Oman. This funding highlights a mutual commitment to advancing Oman’s digital economy by expanding consumer access to credit services. With the official approval of the Central Bank of Oman (CBO), QPay is now set to launch its cutting-edge BNPL platform, designed to promote greater financial inclusion throughout the Sultanate.
CEO’s Vision for Financial Inclusion
Khalid Al-Mahrooqi, CEO and Co-Founder of QPay, expressed excitement about the future of the company following this pivotal funding round. He commented, “We are thrilled to welcome Cyfr Capital as our lead investor at such a critical stage in our journey. Their confidence in our vision, coupled with the strategic backing of Future Fund Oman, solidifies our potential to drive fintech innovation in Oman. Together, we are set to revolutionize access to essential goods and services, making financial inclusion a reality for more people across the nation.”
QPay’s innovative BNPL platform will enable consumers to purchase products and services through interest-free monthly installments, offering them increased financial flexibility. The platform, which will be driven by a state-of-the-art mobile application, is designed to cater to a wide demographic, ensuring that credit access is not limited to a privileged few but is available to a broad spectrum of consumers. This aligns with QPay’s mission of fostering financial equality while supporting economic growth by enabling more people to participate in and contribute to Oman’s growing economy.
Shaping the Future of Oman’s Fintech Sector
As the country’s fintech landscape continues to evolve, QPay’s upcoming launch positions the company as a frontrunner in digital financial services. With strong backing from Cyfr Capital and Future Fund Oman, QPay is poised to play a central role in shaping the future of Oman’s financial ecosystem.
The platform will not only transform how consumers manage their finances but will also contribute to the development of a more inclusive economy, offering tools that support informed purchasing decisions and alleviate financial strain on individuals and families across the nation.
About QPay
QPay is Oman’s first ‘Buy Now, Pay Later’ financial services provider, officially licensed by the Central Bank of Oman. The company’s mission is to enhance financial inclusion by offering consumers flexible, interest-free payment options for purchasing goods and services. Through its innovative mobile platform, QPay aims to empower a diverse demographic, ensuring that credit access is available to a wider range of individuals.
For more information about QPay, visit www.qpay.om.
