- Kuwait-based fintech Kem has raised a $1 million pre-Seed round from a group of investors led by Maqamees Holdings.
- Founded in 2021 by Seth Sadeq, Zane Chichua and George Chichua, Kem is a P2P instant payment platform that allows users to send one another money using a QR code and forgoes the need to generate payment links or use traditional accounts.
- The new funding will enable Kem to develop its app and expand its footprint across the Gulf region.
Kem, a Kuwait-based P2P instant payment platform, has raised over $1 million in funding to grow its QR code-based payments app and expand its footprint across the Gulf region.
The fintech startup, operating under the name Kem Technologies, announced that the funding round was backed by a group of international investors led by Maqamees Holdings to further its mission to simplify and democratise financial transactions in the region.
Millions of users across the Gulf, particularly the unbanked and underserved, struggle with the complexities of transferring money between friends, family, and customers. Common obstacles include payment links and IBAN codes, which deter many users from using existing services.
Kem’s instant payment platform is designed to meet the users where they are, providing a comfortable and accessible service that empowers underserved segments of society to manage their money more efficiently. It uses QR-code technology to power in-app transactions, which are secured on existing banking infrastructure.
“We want to redefine the Gulf's relationship with money,” says Seth Sadeq, CEO of Kem and co-founder, alongside his brother Zane and George Chichua. “So 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.”
Guided by the mentorship of visionary financial entrepreneur Timothy Li in California, the Sadeq brothers returned to Kuwait to launch Kem Technologies and bring financial inclusion to their country.
Kem’s vision to improve financial access in the Gulf market is being powered by its adoption of the latest AI and machine learning technologies. It blends this new tech with existing banking systems to guarantee secure and instant transactions, regardless of the user’s banking affiliation.
State-of-the-art AI algorithms work alongside 256-bit encryption and FaceID verification to protect the platform against fraudulent activities, aligning with Kem’s core focus to develop security for instant payments
“We have a close relationship with the Central Bank of Kuwait to ensure that we are fully compliant with all the necessary rules and regulations,” says Mr. Sadeq. “Our banking partnerships ensure that your money is backed and supported by the same banks you know and trust. We connect the dots so customers benefit from simple and instant transactions, as well as established security systems.”
Kem’s unique mix of security and disruptive technology has helped them secure the seven-figure investment that will kick start its next development phase. This will see the platform in the hands of thousands of new users, including future users planned for its Saudi Arabia market launch.