Klickl, a UAE-based Web3 banking startup, has raises $25 million that boosted its valuation to $125 million a funding was co-led by top Web3 investors Web3Port Foundation and Aptos Labs. Other participants of the funding round included Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group.

Founder and Team

Klickl was founded in 2017 by Michael Zhao, who currently works as the CEO. Zhao is a serial FinTech and crypto entrepreneur with the experience of a former regulator at the Central Bank of China and Co-Chairman of the Hong Kong Blockchain Association. His professional career has been in roles at institutions such as derivatives trading and risk management roles at UBS Investment Bank, China Merchants Bank, and the State Administration of Foreign Exchange.

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The leadership team also includes:

• Kevin, Chief Technology Officer: With over 20 years in software architecture and development, focusing on finance, blockchain, big data, and the Internet of Things.
• Ben Huang, President (International Business): A serial entrepreneur with over two decades of experience across various industries, including education, blockchain technology, and the NFT Web3 space.
• Wael Muhaisen, Director of Operations (MENA Region): Brings over 20 years of experience in financial markets within the UAE and internationally, having held managerial positions in several financial institutions.
• George Varghese, Director of Partnerships: Over 15 years of enterprise-grade software technology consulting experience, covering areas of governance, risk, compliance, and blockchain analytics in both Web2 and Web3 spaces.
• Vivian, Chief Operating Officer: Over a decade of management experience in respected organizations, majorly on the management of human resources and corporate operations and strategic planning.
•  Tunde Olayinka, Chief Compliance Officer: Serial Global Chief Compliance Officer and MLRO with three decades of experience in core banking, regulatory compliance and financial crime control across all financial institutions worldwide.
• Andrew Au, Chief Commercial Officer: Serial global FinTech, crypto, and sustainable finance entrepreneur and investor with a passion for contributing to the new wave of Web3 financial services and transition finance initiatives.

Company Overview

Klickl is a leading Web3 open finance platform that offers banking, digital payments, and crypto trading services to make seamless entry into the Web3 ecosystem. Headquartered in the UAE, the company aims to bridge traditional finance and the digital economy within a robust compliance framework.

Strategic Initiatives and Future Plans

With the new funding, Klickl will accelerate its growth and expand its Web3 banking services to the emerging markets of the MENA region and beyond. Key initiatives include the launch of Klickl Labs in collaboration with Summer Ventures and the establishment of the Klickl Foundation in Q4 2024. 

• Klickl Labs: Spearheaded strategic joint ventures leveraging its Web3 banking services, virtual asset servicing, crypto payments/brokerage platforms to target high-growth markets in the Middle East and Africa. It’ll be an incubator too for high-impact ventures and scalable solutions in the area of cross-border remittance and digital payment infrastructure.
• Klickl Foundation: Investments into the Klickl Web3 ecosystem. The standards will be new in every respect, the PayFi industry.

Strategic Partnership

Web3Port Foundation, an investment and accelerator platform that supports more than 1,000 Web3 projects, will feature in Klickl’s growth. As a strategic founding partner, Web3Port will be a limited partner of the Klickl Foundation’s Web3 Fund and use its capabilities in tokenomics to boost mass adoption of Web3 technologies.

Aptos Labs is a Layer 1 blockchain with the Move programming language, built to achieve optimum performance and to ensure increased security for users. Co-operation with Klickl will only improve the engineering foundation of Klickl’s services.

Regulatory compliance and licensing

Klickl has established itself as the first fully licensed Web3 banking service in the region. Klickl offers crypto custody and brokerage solutions within the regulatory framework of the Abu Dhabi Global Market. It ensures that Klickl operates within the parameters of the law set by the local authorities, hence a secure and trustworthy platform for its users.

Market Position and Industry Impact

A successful funding round and strategic partnerships confirm Klickl’s commitment to revolutionizing global Web3 banking services. Focusing on emerging markets in the MENA region, Klickl aims to satisfy growing demand for digital payment solutions and crypto services that are contributing to the adoption of Web3 technologies in the broader sense.