(Video) IV Holdings Funds e-Payment Hub Startup Gate2Play
E-commerce is an old school in USA, but in the Arab world it did not really take off for many reasons starting with credit cards are not common to borders and customs between Arab countries that complicate issues further.
And because of that, solving a problem in this sector might get you funded as Gate2Play has officially received the first round of funding from the most active Venture Capital firm in the region IV Holdings.
To fill the gap, a number of startups and companies provided prepaid cards starting with Jabbar’s CashU and Onecard. Visa and MasterCard partnered with several local banks to issue their own prepaid cards
Jordanian entrepreneur Muhannad Ebwini an ex-Maktoobian and GM of onecard cofounded Gaet2Play to consolidate the e-payment situation in the region. As Gate2Play will enable merchants to use its hub to process any of its e-paymnet partners. Making it more easy for merchants and driving more business for e-payment providers.
Muhannad told ArabCrunch that Gate2Play signed with many merchants, payment gateways in the region and expect to launch its in June this year. Here is my Video Interview I made with Muhannad during Arabnet conf in lebanon where he explained the e-payment situation in the region with more details and his startup business model. ( He disclosed the funding round in the video so the news is not breaking since it was recoded around 1 month ago but it is exclusive to AC )