Although fintech remains a relatively nascent sector in Qatar, the industry is growing steady pace, fueled by increased adoption of digital payments and conducive government initiatives.
In this article, we take a look at some of Qatar’s most prominent and influential fintech companies, exploring their value propositions, and delving into their recent milestones.
For this list, we focus on private, independent fintech companies headquartered in Qatar, excluding those that have been acquired or which are affiliated with major banks, telecom providers, or established entities, such as Ooredoo Fintech, a subsidiary of Ooredoo Group, iPay by Vodafone Qatar’s Infinity Payment Solutions, and QNB Pay Wallet by Qatar National Bank. This approach aims to provide an accurate view of Qatar’s homegrown fintech startups.
Top fintechs in Qatar
Dibsy
Established in 2021, Dibsy is a payment infrastructure startup providing an all-in-one digital payment platform for businesses to accept and manage payments easily and securely. The platform consolidates a wide range of local and international payment methods, including major credit and debit cards, and mobile wallets, to simplify payment processing and reduce operational complexity.
The platform is designed to integrate seamlessly with existing systems and workflows. Businesses can easily embed payments using Dibsy’s flexible application programming interface (API), or take advantage of plugins and software development kits (SDKs).
The dashboard provides a centralized space to manage real-time payments, issue refunds, track transaction history, and analyze performance through advanced reporting tools. Users can customize roles and permissions for team members, manage customer data through custom payment fields, and streamline account operations across departments.
For businesses with recurring billing needs, Dibsy offers an automated payment collection system that handles scheduled repeating transactions for subscriptions, memberships, or installment payments.
Dibsy has witnessed significant growth since its establishment, from providing small merchants with digital solutions some four years ago to processing transactions for the country’s major enterprises today. Its latest achievement, according to co-founder Ahmed Isse, is the company’s partnership with the Qatar National Bank (QNB), allowing it to be the first bank in Central and Eastern Europe, Middle East and Africa (CEMEA) to launch the updated version of Visa’s Click to Pay service. Dibsy also plans to expand overseas in the near future, Isse said.
SkipCash
Launched in 2020, SkipCash is a mobile payment app that offers secure, convenient, and user-friendly digital payment experience for both consumers and merchants.
Licensed by the Qatar Central Bank (QCB), SkipCash allows consumers to make digital payments using a proprietary QR code thereby reducing the need for cash, physical cards, and point-of-sale (POS) devices. Consumers can link their card securely to use it in all their transactions, monitor their spending via visual spending reports, organize their payments receipts, enable virtual account for kids and family members, and access to merchants’ vouchers and coupons.
For merchants, SkipCash provides a number of digital payment solutions, including a payment gateway, customizable e-commerce plugins, QR code payments, tap-to-phone functionality, and the ability to create payment links. Businesses benefit from fast and frequent settlement cycles, a user-friendly transaction dashboard, and direct access to a responsive local support team based in Qatar.
CWallet
Founded in 2019, CWallet is an award-winning fintech startup licensed by QCB that allows users to conduct online and offline transactions. The company offers three core services: payment services, allowing users to pay conveniently; payroll, enabling companies to seamlessly manage and process employee salary transfers efficiently; and remittances, allowing users to transfer money to international recipients.
CWallet’s long-term vision is to become one of Qatar’s first licensed digital banks. In recent years, it has entered into multiple partnerships to advance its development strategy, teaming up with the likes of BKN301, NymCard and QNB, to expand its product offering, and strengthen its digital payment infrastructure.
CWallet secured its last round in June 2022, closing a pre-Series A investment round of US$875,000.
Fatora
Launched in 2018, Fatora is a fintech and e-commerce platform. The company’s mission is to empower entrepreneurs, freelancers, and small and medium-sized enterprises (SMEs) by delivering reliable digital solutions that streamline administrative, financial, and technical processes.
Fatora provides a full suite of digital tools to support businesses, including online billing, payment links, and custom online stores, designed to be easy to use even for non-technical users. It also offers a POS system and cash register services.
Fatora claims it supports more than 72,000 companies in 27 countries, helping them better manage their processes, collect payments and expand.
Tess Payments
Tess Payments is a fintech company that has been delivering secure and convenient payment solutions since 2016. The company’s mission is to simplify payment processing, help businesses maximize their revenues, and accelerate Qatar’s transition to a cashless economy.
Tess Payments allows businesses to accept payments through a wide range of methods, including card payments and mobile payments. Its services include payment gateway integration, automated settlements, and a bank-agnostic system, allowing businesses to work with any local bank.
In 2023, Tess Payments processed over 2 million transactions, with a total value of over QAR 4 billion (US$1.1 billion).
Last year, the startup secured funding from Fingular, a global financial services group based in Singapore. It said it would use the proceeds to expand its offerings and explore new opportunities within the Qatari fintech sector.
Featured image credit: edited from freepik
