Digital Wallet Spendwisor Secures US$50 Million From GEM Global Yield
Summary
Spendwisor, A US-based mobile payment app with branches in Qatar and the UK, announced a QAR 190 million (US$50 million) investment commitment from GEM Global Yield, which is a US$3.4 billion Luxembourg-based private alternative investment group. The firm aims to utilise this facility to further tap into the fintech market in the Middle East, Europe, and Africa. GEM will provide Spendwisor with a Share Subscription Facility (SSF) of up to QAR 190 million for a 36-month term following a public listing of its common stock. Concurrent with a public listing, Spendwisor will issue warrants to GGY to purchase up to 8.7% of the company’s common stock. Spendwisor offers a Smart POS, which accepts payment from any card, to well-known retailers and small and medium Merchants (MSMEs).