Qatar's startup ecosystem continues to thrive in 2024, with innovative companies securing substantial funding rounds that reflect the country's growing influence in sectors like fintech and delivery services. From e-wallet solutions to advanced logistics technology, Qatari startups are leveraging investment to scale their operations and enhance the digital landscape. This article highlights some of the most notable funding achievements in Qatar this year, showcasing the ambitious ventures driving economic growth and digital transformation in the region.

Pass

Pass, a Qatari delivery app founded by the UK’s Peyk in 2020 and later acquired by Bashar Jaber in 2023, raised $2.7 million in its pre-Series A funding round. The company offers fast, reliable delivery services and aims to expand into Egypt and Saudi Arabia with the new capital. Additionally, the funds will support the development of new products, further solidifying Pass's position in the market. Under the leadership of CEO Bashar Jaber, Pass continues to innovate, with a focus on creating a comprehensive logistics technology ecosystem to improve daily life across the region.

KARTY

KARTY, a Qatari fintech startup founded by Mohammed Suleiman and Abdulaziz Al-Marri, raised $2 million in Seed funding. The platform, designed to offer an e-wallet solution for managing financial assets, was set to launch after receiving approval from the Qatar Central Bank. KARTY’s innovative features, including peer-to-peer transfers and spending tracking, were supported by partnerships with major institutions like Masraf Al Rayan, Qatar Development Bank, and Visa. The funding positioned KARTY to enhance financial literacy and provide secure financial services in Qatar.

TESS Payments

TESS Payments, a leading Qatari FinTech startup, secured a landmark investment from Fingular, a global financial services group based in Singapore. This strategic Foreign Direct Investment (FDI) is the first of its kind in Qatar’s FinTech sector and positions TESS Payments as a key player in driving digital financial innovation. The partnership aims to develop a customer-centric neobank, issue over $600 million in loans within three years, and contribute significantly to Qatar’s economic growth while reinforcing the country's status as a FinTech hub.

The impressive funding rounds raised by startups like KARTY, Pass, and TESS Payments underscore Qatar's burgeoning role as a hub for innovation and investment in the Middle East. As these companies continue to expand and develop their offerings, they are set to play a pivotal role in shaping the future of fintech, logistics, and digital services in the region, further cementing Qatar’s position at the forefront of the global startup ecosystem.