Kazakhstani startup S1LKPAY raised $1.2 million

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Startup S1LKPAY has raised over $1.2 million from Seven Rivers Capital LTD and business angels. Over the next 12 months, the company will operate within the Multi-Factor Authentication Center (MFCA) and the Dubai Financial Centre with the goal of obtaining a license to enter the UAE and Southeast Asian markets. The startup holds Mastercard certification, authorization to issue cards and provide acquiring services, including Samsung Pay. Access to Apple Pay and an issuing wallet is expected by the end of 2021.

The S1LKPAY startup in the field of P2P transfers has raised over $1.2 million from Seven Rivers Capital LTD (UAE), as well as from business angels from the Middle Eastern and Central Asian regions.

As reported by S1LKPAY CEO Gani Uzbekov, over the next 12 months, S1LKPAY will operate in the MFCA and Dubai Financial Centre. The plans include obtaining a commercial license to enter the mass market in the UAE and the Southeast Asian region.

S1LKPAY has its own payment processing system, which is certified by Mastercard, with permission to issue cards and acquire payments, including the Samsung Pay service. By the end of 2021, the startup will gain access to Apple Pay and its own issuing wallet (Token Service Provider) for contactless payment within the app.

We hope that this time Gani Uzbekov and his team will successfully implement the project in full, recalling the liquidation of Capital Bank and the B1NK project. The National Bank and MFCA should also jointly review their regulatory policy regarding S1LKPAY, which hinders its full entry into the Kazakh market.