Kem, a dynamic P2P instant payment platform hailing from Kuwait, has made waves in the fintech world by securing over $1 million in pre-seed funding. This investment is marked for the growth and expansion of its QR code-based payment app across the Gulf region.
Operating under Kem Technologies, the fintech startup revealed its latest funding round, with prominent international investors, spearheaded by Maqamees Holdings, stepping in to support its mission of simplifying and democratizing financial transactions throughout the region.
Kem’s platform seeks to bridge the financial gap, offering an intuitive and accessible service tailored to empower underserved segments of society, including the unbanked. By harnessing the power of QR-code technology for in-app transactions, Kem ensures user security through existing banking infrastructure.
Seth Sadeq, Kem’s CEO and co-founder, alongside his brother Zane and George Chichua, expresses their vision: “We want to redefine the Gulf’s relationship with money. We built Kem to remove the pain from peer-to-peer payments by making them simple, instant, and accessible. We have already seen the impact Kem has made on people in Kuwait post-launch and we want more people to know about what we do.”
Kem’s innovative approach aligns with its adoption of AI and machine learning technologies, fortifying financial access across the Gulf. This integration guarantees secure, instantaneous transactions, regardless of the user’s banking affiliation, thanks to state-of-the-art AI algorithms, 256-bit encryption, and FaceID verification.
The close collaboration with the Central Bank of Kuwait ensures regulatory compliance, while banking partnerships guarantee the safety of users’ funds. Kem’s winning formula of security and disruptive technology has secured this substantial seven-figure investment, propelling the platform toward thousands of new users, including its upcoming launch in Saudi Arabia.