كيو باي
Muscat-based buy-now-pay-later company founded in 2022 that lets shoppers split purchases into interest-free instalments. Cyfr Capital led its seed round in October 2024.
Industry: Buy now, pay later | Location: Muscat, Oman | Founded: 2022
About كيو باي
QPay is a buy-now-pay-later company based in Muscat, Oman. Its website describes it as Oman's first buy-now-pay-later fintech platform, launched in 2022, and says shoppers can split a purchase into two, three or four interest-free payments through a mobile app, using a pre-registered debit card. Users pay no fees or interest, and merchants pay QPay a commission on each transaction. The home page features Vodafone, Danube and Salman Stores.
The website's team page names Khalid Al Mahrooqi as chief executive and Ali Al-Lawati as chief technology officer, both listed as founders. Wamda reported in October 2024 that QPay was founded in 2022 and that it was a newly licensed provider with Central Bank of Oman approval, preparing the launch of its app. The Oman Observer likewise described it as a licensed provider. The company's website presents the service as Sharia-compliant and names a Sharia board chaired by Dr Majid Alkindi, with Shaikh Mohammed Alrashdi and Shaikh Ammar Almundhari as members. It offers a downloadable Sharia compliance certificate issued by that board, and the website says all fees are disclosed upfront and that interest is prohibited in all transactions.
The website gives an address on As Saruj Street in Muscat and links an iOS app and a merchant registration page, with an integration guide for merchants. A late payment stops a customer from making new purchases until the amount due is settled.
QPay closed a seed round in October 2024 led by Cyfr Capital, with the amount undisclosed. Wamda dated its report 10 October and the Oman Observer 5 October. Both outlets described Cyfr's investment as the first tranche of a Future Fund Oman initiative to incubate and support fintech companies in Oman. Khalid Al Mahrooqi said at the time that the company was welcoming Cyfr as its lead investor at a pivotal stage in its growth. No later funding, partnerships or acquisitions were found.
Leadership
- Khalid Al Mahrooqi, Co-founder and Chief Executive Officer
- Ali Al-Lawati, Co-founder and Chief Technology Officer
- Majid Alkindi, Sharia Board Chairman