PayLater, a Qatari fintech startup that provides buy now, pay later services, has raised seed funding of $10 million. It is one of the biggest early-stage fintech deals in the country and demonstrates a strong appetite for regulated financial solutions.
LuLu Alternative Investments led the funding round. Other key investors included the Qatar Development Bank, KBN Holding and a number of angel investors.
PayLater, which was established in 2023 by Mohammed Al-Delaimi and Khalifa Saleh Al Haroon, is a licensed Qatar Central Bank entity. It provides zero-cost payment plans in accordance with Shari’a Law. Customers can pay in equal installments at no additional charge. Businesses that use the platform typically see more sales and higher order values — both online and in stores.
The new money will aid PayLater to expand into more categories like travel, education and healthcare. The company also planned to upgrade its credit checks and deepen ties with e-commerce sites and retail systems.
PayLater, in its first year of operation alone, has processed over $82 million in transactions and grown to over 80,000 users. As part of its financial expansion, the company has also obtained a $27.5 million line of credit from Qatar Islamic Bank and Al Rayan Bank.
The fund raising demonstrates strong demand in Qatar for smart, flexible payment solutions, says co-founder Mohammed Al-Delaimi. PayLater wants to create a system that serves consumers and businesses in an accountable fashion.
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