Banking is an extremely tedious task, one that involves a lot of back and forth. If you are a student and don’t want to struggle with the overwhelming feeling of banking, Qpay is the best app that helps you navigate through the issues in no time at all.
What’s great about Qpay is that it’s designed for today’s generation and features innovative functionalities and low fees, making it accessible to everyone around. Featuring an improved UI and easy financial trackers, Qpay is the financial solution that every student swears by.
As of 2024, Qpay has an estimated valuation of around $10 million and is backed by leading investors.
About the Founders
Qpay is founded by Moe Satti, Zakaria Bouguetta, and Andrew Clapham. All of them hail from Sydney, Australia, and have very similar educational and career backgrounds.
Zakaria Bouguettaya has a degree in computer science and engineering. He graduated from The Australian National University. Andrew Clapham has a similar degree and is from the same University.
Muhammad Satti, on the other hand, has a degree in IT and graduated from the same University as the other two. The three of them are school friends as well.
Given their association from childhood, Moe, Zakaria, and Andrew all kept in touch with each other. However, the idea for Qpay came from a personal frustration with the banking solution that they accessed as students.
They aimed to develop a modern banking app, that has an interactive UI and lower fees compared to traditional banking apps. That’s when they founded and launched Qpay in 2014.
During their interviews, three founders said that they created and launched the app with the intent to streamline the banking experience of the millennials like themselves. The app is available for download on both Android and iOS and has a unique QR code-based feature that contains the bank details of the users.
Qpay on Shark Tank
Despite seeing tangible growth after releasing Qpay in 2014, the founders needed more capital and traction, which is when they decided to go on Shark Tank.
They asked for $380,000 for 8.4% of the company. By the time they went on Shark Tank, the banking app already had over 150,000 users. Steve Baxter and Naomi Simson decided to collaborate on the deal and agreed on the amount that the founders asked.
Qpay after Shark Tank
With an app to expand to the U.K. and the U.S., the three founders utilized the capital they earned from Shark Tank and worked on expanding the outreach of their app.
Besides expansion, the founders also worked on improving the overall appearance of the app and the UI of the app as well. The main intent behind this was to attain the attention of a wider audience outside of Australia.
By 2021, Qpay already made close to $10.5 million in revenue. They also raised over a million dollars in investment. With the multiple rounds of funding and the consistent growth they have been on, it isn’t surprising that Qpay has an estimated valuation of $10 million.
1. How does QPay work?
With QPay, the consumers have the choice to select for making the payment directly on the website and use a one-time password situation to warrant the payment securely.
2. How successful is QPay?
QPay is doing pretty solid in terms of their revenue and supposedly they made around $5 million last year and are in the process of making $20 million in the subsequent years, which is pretty impressive.
3. Who is the CEO of Q Pay?
The CEO of QPay is Zaki Bouguettaya and he is also the founder of the company. He brought the company on Shark Tank and proposed their pitch there too.