Kem app for instant fund transfer, founded by HSE graduates and people from Tochka and Otkritie banks, has attracted $1 million in investments as part of a pre-seed round, the co-founder of Kem, Georgy Chichua.
The investor was Maqamees Holdings. The company operates in the markets of Kuwait and Saudi Arabia and is analogous to the Russian Express Payment System (SBP). Kem’s strategic partner is one of the largest banks in Kuwait and Saudi Arabia, NBK.
The app allows users to send money to each other using a QR code and eliminates the need to create payment links or use traditional accounts.
The funds will be used to improve functionality and expand presence in the Persian Gulf.
Kem was founded in 2021 by brothers and Kuwaiti citizens Seth and Zein Sadek, former technical director of Otkritie Bank Mikhail Arzumanov and Georgy Chichua.
Chichua told RB.RU that “the team is made up of former top managers of Russian fintechs who left Russia”: people from Tochka Bank, Otkritie, Tinkoff and Revolut.
The Kem co-founder also said that the Saudi Arabia and Kuwait market is prosperous with 95% smartphone coverage.
Author:
anastasia marina
Source: RB
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