Kem is an instant funds transfer application that allows you to send money to another person using a QR code. Kem Technologies was founded in 2021 by Kuwaiti citizens and brothers Seth and Zeyn Sadek, former technical director of Otkritie Bank Mikhail Arzumanov and Georgy Chichua.
By September 2023, Kem operates in the market of Kuwait and Saudi Arabia and is an analogue of the Russian Fast Payment System (FPS). Kem's strategic partner is one of the largest banks in Kuwait and Saudi Arabia, NBK. Kem is registered in Kuwait.
By September 2023, the Kem project team consists of former top managers of the Russian fintech who left Russia - immigrants from Tochka, Otkritie, Tinkoff and Revolut.
History
2023: Raising $1 million in investments
In September 2023, it became known about investing $1 million in the Kem fintech service. A group of investors led by Maqamees invested in the startup. What time the startup was evaluated based on the results of the pre-Seed round of financing is not specified.
The startup plans to spend the funds on improving the functionality of the platform and business expansion in the Gulf countries.
 | We want to rethink the Gulf nation's attitude towards money, says Kem CEO and co-founder Seth Sadek. - "Therefore, we created Kem to facilitate P2P payments, making them simple, instant and affordable. We've already seen the impact Kem has had on people in Kuwait since the launch and we want more people to be aware of what we're doing. |  |
Kem noted that the market Saudi Arabia and Kuwait are represented by a wealthy population with 95% coverage. smartphones[1]
Notes
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