UAE-based digital wallet Hubpay nets $20m

Hubpay, a digital money wallet, has scored $20m in its Series A funding round, which was led by Signal Peak Ventures.

The investment was also backed by Olive Tree Capital, BECO Capital, Stormbreaker, Emkan Capital and Aditum.

With the capital, Hubpay plans to expand its team and international presence, particularly in Asia and Africa. It currently has offices in Dubai, London and Karachi.

Founded in 2019, the company offers a digital wallet and data-driven financial products that are available to everyone. It claims it was the first startup to be licensed in the UAE for digital money services, which it received in 2020. Currently, the FinTech company is in principle approval for an EMI license in Pakistan.

Through its app, users can easily send money from the UAE to family and contacts abroad, including the Philippines, Egypt, Pakistan, Nepal, India, Bangladesh, Sri Lanka and the UK. Its features also include bill payments and instant messaging.

Later this year, the company hopes to release financial products to remittance receivers that address customer needs for financing and insurance.

Hubpay founder and CEO Kevin Kilty said, “The FinTech market across MENAP 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 underbanked users.

“Key eco-system building blocks, such as digital KYC and the ubiquity of smartphones, have created a landscape to drive the largest financial inclusion trends that we’ve seen since Alipay was launched in China.”

The FinTech company previously closed a seed funding round back in 2020. The size of the deal was not revealed, but it was backed by Signal Peak Ventures.

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