UAE-Based Digital Wallet App for Remittances Hubpay Raises Seed Investment
The investment comes from one of the leading US venture capital firms aiming to bolster tech startups.
UAE-based digital wallet app Hubpay has announced a seed funding round led by Signal Peak Ventures, a US venture capital firm focused on investing in early-stage tech startups and companies across the US. The undisclosed investment in Hubpay marks the venture firm’s first investment in the Middle East. Taking part in the investment is also Dubai-based angel investment firm Falcon Network.
The investment raised will be used to launch Hubpay’s digital wallet for remittances service in the Middle East. The fintech startup has stated it is in the early stages of securing the Money Services Licence for the service in the UAE, which would allow for international digital remittances and bill payment fees to cost less.
The remittance market has since boomed since the dawn of fintech, and in the thick of the coronavirus crisis, ease of international payments is in high demand. “In a post COVID-19 world, the digitalisation of remittances will accelerate, creating better access and supporting financial inclusion for the international remittance community,” says Kevin Kilty, founder and CEO of Hubpay.
Emerging markets with increasing online accessibility have led the remittance markets due to the rise of money transfers made via smartphones. According to the Central Bank of the United Arab Emirates, UAE remittances in 2019 amounted to $44 billion.
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