Iraqi fintech Wayl raises $150,000 pre-Seed round

Iraqi fintech Wayl raises $150,000 pre-Seed round

Iraq-based fintech Wayl, has secured $150,000 in pre-Seed funding from EQIQ Ventures.

Founded in 2021 by Ali Ismail, Wayl serves as a payment aggregator and facilitator for small merchants and freelance contractual workers.

Wayl will use the new capital to enlarge its customer base and expand its business across Iraq.

Source: Iraq Tech

Wayl, the payments platform for online sellers in Iraq, has successfully secured $150,000 in pre-seed funding from EQIQ Ventures, a VC fund led by Mohamed Al-Hakim. This investment is a significant milestone for Wayl, as it aims to empower social media merchants and freelance workers across the region. It is also the first investment in 2024 in an Iraqi startup after a slow fundraising year in 2023.

Founded in 2021 by Ali Ismail, Wayl serves as a payment aggregator and facilitator for small merchants and freelance contractual workers, offering a seamless platform akin to “Stripe for Iraq.” Through its user-friendly interface, merchants can manage orders, inventories, and payment processing without the need for complex registration processes or payment gateway agreements.

Recently, Wayl formalised a strategic partnership with Visa during the Dubai FinTech Summit, signifying its commitment to revolutionising digital payments in Iraq. The Memorandum of Understanding (MOU) sets the stage for Wayl to