Kuwait’s Kem secures $3 million investment from Tether

• Kuwaiti fintech firm Kem has raised $3 million in investment from Tether, bringing the total investment raised by Kem to $4.5 million.
• Founded in 2021 by Seth Sadeq, Zane Chichua, and George Chichua, Kem is a P2P payments platform that allows users to send money to each other using a QR code, without having to generate payment links or use traditional accounts.
• The collaboration between Kem and Tether aims to enable millions of people in the region to access digital financial services.

Press release:

Kem, the fastest growing P2P payment app in Kuwait, has received a $3 million investment from Tether, the largest digital asset company. The groundbreaking deal aims to boost regional adoption of USD₮, combining Tether’s commitment to expanding access to digital finance systems with Kem’s position as an emerging leader in real-time payments in the Gulf region.

“This partnership with Tether is one of the most important deals in the cryptocurrency industry right now,” said Seth Sadeq, CEO of Kem. “It will help provide access to decentralized financial services that will improve the lives of millions of people. In addition, people from countries struggling with a difficult economic situation can mitigate the effects of hyperinflation and currency fluctuations in the country.”

Paolo Ardoino, Tether CEO, said: “This investment reinforces Tether’s commitment to financial inclusion and stability. We believe that everyone should have the means to protect their families and businesses from inflation while enjoying unfettered access to financial services. Our investment in the Kem app is proof of that belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to promote financial freedom for all.”

Tether’s investment is a strategic move to expand its access to the Middle East market through Kuwait’s emerging payment service. For Kuwait, the investment is a positive sign that the country is making progress towards opening up to foreign investment and catching up with the FDI performance of its GCC neighbors, such as the UAE and Saudi Arabia.

“Tether is building a decentralized ecosystem of everyday consumer services,” says George Chichua, Kem’s CFO. “We see their ecosystem leading to a more evenly distributed world, and Kem is excited to be a part of that future.” The investment is the latest step in Kem’s efforts to transform the Gulf into a digital cash economy.

The partnership comes at a monumental moment for Tether, whose 24-hour trading volume has surpassed that of Bitcoin, Ethereum, Solana, and USDC. Tether reported $5.2 billion in net profit in the first half of 2024 alone. Tether’s exposure to Treasuries also exceeds that of many major countries, such as Germany, the United Arab Emirates, and Australia.

“By supporting Tether in bringing USD₮ to the Kem app, we can empower millions of underserved businesses and individuals across the region,” said Zane Sadeq, Kem’s COO.