Digital Wallet Spendwisor Secures US$50 Million From GEM Global Yieldby Fintechnews Middle East 14. July 2021
Spendwisor, A US-based mobile payment app with branches in Qatar and the UK, announced a QAR 190 million (US$50 million) investment commitment from GEM Global Yield, which is a US$3.4 billion Luxembourg-based private alternative investment group.
The firm aims to utilise this facility to further tap into the fintech market in the Middle East, Europe, and Africa.
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 its common stock.
Spendwisor will control the timing and maximum amount of drawdowns under the SSF.
Concurrent with a public listing, Spendwisor will issue warrants to GGY to purchase up to 8.7% of the company’s common stock.
Spendwisor offers a Smart POS, which accepts payment from any card, to well-known retailers and small and medium Merchants (MSMEs). MSMEs lack such facilities in the region.
“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,”
said Khalid Easa NA Al-Kaabi, Co-founder.
Featured image: Spendwisor’s team