PayLater, a licensed Buy Now, Pay Later BNPL platform in Qatar, has closed a USD 10 million seed funding round, marking one of the largest seed-stage investments in the country's startup ecosystem. The round was led by LuLu Alternative Investments Portfolio, with strategic participation from Qatar Development Bank and KBN Holding, along with several angel investors. The investment highlights rising confidence in Qatar's digital payments sector and reinforces Doha's growing reputation as a hub for financial innovation, supported by regulatory frameworks overseen by the Qatar Central Bank.
The company plans to use the new capital to expand into key sectors including travel, education, and healthcare, while enhancing its product suite through new financial features powered by advanced credit assessment technologies. PayLater is also focused on deepening partnerships through expanded integrations with major e-commerce platforms and physical retail networks across the country, aiming to broaden its customer reach and merchant ecosystem.
Since launching less than a year ago, PayLater has facilitated more than QAR 300 million in installment-based transactions and built a customer base of over 80,000 users. The company has additionally secured a QAR 100 million credit facility from Qatar Islamic Bank and Al Rayan Bank to support its continued expansion and operational growth, positioning itself as a leading player in Qatar's fast-evolving BNPL market.
