- Iraqi fintech startup Wayl has raised $150,000 in pre-seed funding from EQIQ Ventures. This marks the first investment in an Iraqi startup in 2024.
- Wayl provides a payment aggregation platform for small merchants and freelancers in Iraq. It aims to enable digital payments in a market where 97% of transactions are still cash-based.
- The funding comes on the heels of a strategic partnership between Wayl and Visa. Wayl is positioned to become the first payment facilitator in Iraq, addressing the need for digital payments amid booming e-commerce.
Wayl, the pioneering payments platform tailored for online sellers in Iraq, has reached a significant milestone by securing $150,000 in pre-seed funding from EQIQ Ventures. This investment, led by Mohamed Al-Hakim, marks a crucial moment for Wayl as it aims to empower social media merchants and freelance workers in the region. Notably, it stands as the first investment in an Iraqi startup in 2024, following a relatively slow fundraising year in 2023.
Established in 2021 by Ali Ismail, Wayl serves as a pivotal payment aggregator and facilitator for small-scale merchants and freelance contractual workers. It offers a seamless platform similar to “Stripe for Iraq,” allowing merchants to easily manage orders, inventories, and payment processing without dealing with complex registration processes or payment gateway agreements.
Wayl recently forged a strategic partnership with Visa during the Dubai FinTech Summit, highlighting its commitment to revolutionizing digital payments in Iraq. The Memorandum of Understanding (MOU) between the two entities paves the way for Wayl to become the first payment facilitator in Iraq, addressing the urgent need for digital payment solutions in the burgeoning e-commerce landscape.
The exponential growth of e-commerce in the region, projected to exceed $15 billion by 2027, underscores the critical demand for innovative payment solutions. Despite this growth, 97% of transactions in Iraq are still conducted in cash, indicating significant untapped potential for digital payments.
Headquartered in Abu Dhabi, EQIQ Ventures is a dynamic $15 million VC fund focused on nurturing tech startups and supporting regional expansion. With a vision to foster the growth of Iraqi enterprises globally, EQIQ Ventures aims to cultivate an ecosystem of innovation and entrepreneurship within Iraq.
With this latest funding and strategic alliances, Wayl is well-positioned to navigate the complexities of the Iraqi market and lead the transformation towards a cashless economy. As the digital payment landscape evolves, Wayl and its partners are at the forefront, shaping the future of commerce in Iraq and beyond.
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Last Updated on February 17, 2024 by Safiya K
