Hubpay, a digital wallet platform for the Middle East market, has closed its seed funding round on an undisclosed amount.
The investment was led by US venture capital firm Signal Peak Ventures, with additional support coming from angel investor group the Falcon Network.
This capital injection will help Hubpay with the launch of its services. The FinTech is currently in the process of getting a Money Services Licence in the United Arab Emirates. This will enable it to offer digital remittances and international bill payment.
Hubpay enables users to send money to their friends and family from their mobile phones at any time. It is initially focusing on the UAE market due to it being the third largest market for remittances globally, with $44bn of payments made last year, it said.
To support the international growth of the company, Hubpay is on the Visa Fast Track programme which will enable it to leverage Visa’s payment infrastructure and scale its business. The programme enables FinTechs to leverage the Visa technology and its global payments network.
Hubpay founder and CEO Kevin Kilty said, “The FinTech market in the Middle East is at a turning point. A wave of new digital regulatory regimes has been launched enabling businesses like Hubpay to offer fully digital solutions to users in one of the largest remittance markets in the world.
“The UAE represents Hubpay’s first market launch, as part of a wider strategy to offer the leading digital wallet for the remittance community across the Middle East and Asia. In a post Covid-19 world, the digitalisation of remittances will accelerate, creating better access and supporting financial inclusion for the international remittance community.”
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