PayLater, Qatar’s pioneering Buy Now, Pay Later (BNPL) platform, has successfully closed a landmark USD 10 million Seed funding round. The investment is one of the largest seed-stage rounds in the history of Qatar’s startup ecosystem, signaling strong investor confidence in the nation’s burgeoning digital payments sector.
A Landmark Investment for Qatar
The round was led by LuLu Alternative Investments Portfolio, with strategic participation from Qatar Development Bank (QDB) and KBN Holding, alongside a group of angel investors. This significant capital injection highlights Doha’s growing reputation as a hub for financial innovation, supported by the advanced regulatory frameworks established by the Qatar Central Bank.
Mohammed Abdulaziz Al-Delaimi, Co-Founder of PayLater, commented on the milestone, stating, “Closing a USD 10 million funding round at this stage is a strong validation of the real demand for flexible and responsible financial solutions in the Qatari market. We are not simply offering a payment method; we are building a financial infrastructure that enables consumers to manage their purchases intelligently while supporting merchants in achieving tangible sales growth. This funding provides the momentum needed to establish PayLater as the preferred BNPL choice in Qatar.”
Fueling Sectoral Expansion
PayLater will utilize the new capital to accelerate its expansion into key verticals, including travel, education, and healthcare. The funds will also be directed towards enhancing its product offering, with plans to launch new financial features powered by advanced credit assessment technologies.
These developments will enable the company to serve a broader customer base while deepening its strategic partnerships through expanded integrations with both leading e-commerce platforms and physical retail networks across Qatar.
Rapid Growth and Market Traction
In less than a year of operation, PayLater has demonstrated significant market penetration, facilitating over QAR 300 million in installment-based transactions for more than 80,000 customers. To support its ambitious expansion strategy, the company has also secured a QAR 100 million credit facility with Qatar Islamic Bank and Al Rayan Bank.
About PayLater
PayLater was established as Qatar’s first platform licensed by the Qatar Central Bank to provide Buy Now, Pay Later services. Operating within local financial regulations, PayLater offers a secure, transparent, and Shari’a-compliant shopping experience, allowing users to split their purchases into equal installments with no interest or hidden fees. Through its model, the company aims to enhance consumer purchasing power and contribute to the growth of Qatar’s digital economy.
Source: Zawya
