Kem, a fintech startup based in Kuwait, has received a $3 million investment from Tether, a top player in the digital asset sector. This funding increases Kem’s total capital to $4.5 million and represents an advancement in providing digital-native financial services in the region.
Launched in 2021 by Seth Sadeq, Zane Chichua, and George Chichua, Kem is a peer-to-peer (P2P) instant payment service that allows users to send money through QR codes, bypassing the need for payment links or standard bank accounts. The app has become a fast-growing P2P payment solution in Kuwait.
“This (investment) will help bridge the access to decentralised financial services that will improve the lives of millions. Also, people from countries facing dire economic situations can mitigate the effect of hyperinflation and currency fluctuations back home,” remarked Kem’s CEO, Seth Sadeq.
Paolo Ardoino, CEO of Tether, remarked, “We believe everyone should have the means to protect their families and businesses against inflation while enjoying unrestricted access to financial services. Our investment in the Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”
According to George Chichua, Kem’s CFO, we see Tether’s ecosystem as a foundation for a more just world, and Kem is eager to play a role in shaping that future.
Tether’s decision to invest in Kem is seen as a tactic to solidify its position in the Middle Eastern market by teaming up with an up-and-coming payment service in Kuwait. This investment also highlights Kuwait’s growing willingness to embrace foreign investments as it works to enhance its foreign direct investment (FDI) performance in comparison to its Gulf Cooperation Council (GCC) peers like the UAE and Saudi Arabia.
Commenting on the collaboration, Zane Sadeq, Kem’s COO, said that Tether’s support for launching USD₮ on the Kem App enables us to assist countless underserved businesses and individuals throughout the region.
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