Iraqi Fintech Corp, Wayl, has successfully closed the pre-seed round by securing $150,000 in pre-seed from EQIQ Ventures. Wayl is the digitised platform for online retailers in Iraq, a VC fund led by Mohamed Al-Hakim. This marks the first investment in an Iraqi startup in 2024. The investment is a significant milestone for Wayl, as it aims to empower social media merchants and freelancers across the Iraq region. This is the first investment in an Iraqi startup after a slow fundraising year in 2023.

The fintech corp was launched in the year 2021 by Ali Ismail, serving as bridge for small merchants and freelance contractual workers in the form of payment aggregator and facilitator, delivering a platform akin to “Stripe for Iraq.” The deployment of user-friendly interface provides seamless and effortless handling for merchants in handling the orders, inventories, and also payment processing without the requirement of complex registration processes or payment gateway agreements. 

During the Dubai FinTech Summit, Wayl formed an alliance with Visa to maintain a strategic partnership between both firms. The aim of this alliance is to revolutionize digital payments in Iraq. Under the Memorandum of Understanding, it is set that Wayl will become the first payment facilitator in Iraq, emphasizing the need of digital payment solutions in the expanding e-commerce landscape. 

Wayl is the e-commerce platform for the Iraq and Middle East. It helps transforms social media merchants into real businesses. Merchants receive online payment without the need to register a company or sign with a payment gateway. It provides them with a dead-simple interface to create a product catalog, manage orders and inventories, and understand their audience. Every merchant can choose from a set of templates, optimized for speed and performance with static content served at the edge, and a very accurate search. Using Wayl is as easy as using Instagram will get merchants to learn Wayl fast. No un-needed features.

It is expected that the growth of e-commerce in the said region to reach $15 billion by 2027, highlifhting the need and the urgent requirement of innovative payment solutions. Regardles of the growing business solutions and e-commerce across the region it is observed that more than 97% of the transactions are still handled via cash which shows the need of digital payment sector in the industry.

With the latest funding and strategic alliances, Wayl is well-positioned to navigate the complexities of the Iraqi market and lead the transformation towards a cashless economy. As the digital payment landscape evolves, Wayl and its partners are at the forefront, shaping the future of commerce in Iraq and beyond.

About EQIQ Ventures

EQIQ Ventures is a Middle East based VC with a dynamic of $15 million fund that aims to nurture tech startups and supporting regional expansion. With a motto to foster the growth of Iraqi enterprises globally, EQIQ Ventures aims to cultivate an ecosystem of innovation and entrepreneurship within Iraq. The headquarters is situated in Abu Dhabi.