UAE FinTech raises over $1mn to support migrants

March 24, 2020 | Banking

Written by FinTech Alliance

UAE FinTech raises over $1mn to support migrants

Rise, a FinTech based in the UAE, has raised an undisclosed amount over $1mn.

In Brief:

  • Rise offers financial services to migrants, especially focusing on remittance payments and bank accounts with no minimum balance.

  • The investment was led by Middle East Venture Partners (MEVP).

  • It also included Dubai International Financial Centre FinTech fund, 500 Startups, Khwarizmi Ventures and Phoenician Funds.

What does this mean?

The business was founded with the aim of reorganising how migrants manage their income. It says there are over 25mn migrants across the GCC and it wants to integrate these into the financial services network. With the funding, Rise can expand its team to develop its products but it also hopes to expand to Saudi Arabia and Bahrain.

Read more here.

 

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