Hubpay announces its Seed funding round led by a leading US venture capital firm – Signal Peak Ventures. The investment raised will support the launch of Hubpay’s digital wallet in the Middle East market.
Additionally, a UAE angel investment group – the Falcon Network, is participating in Hubpay’s Seed round. Falcon Network has backed a number of high impact businesses in the region.
Hubpay is in the advanced stages of the licensing process to receive a Money Services Licence in the United Arab Emirates market, enabling low cost digital remittances and international bill payment.
The UAE is the third largest market for remittances globally, with $44bn of payments made last year. The regional market is vast, with Gulf countries remittances exceeding those of the USA, and the majority of these flows going to the fastest growing mobile money markets in the world; India, Pakistan, Philippines, Bangladesh and Indonesia. The remittance channels provide a direct route to the $3trn digital wallet market across Asia.
Hubpay will address both the remittance market and the mobile money market by launching a digital wallet for both the senders and receivers.
As part of Hubpay’s international strategy, Hubpay has been welcomed onto the Visa Fast Track program, enabling Hubpay to leverage Visa’s payment infrastructure and further scale the business.
Founder and CEO, Kevin Kilty, remarked:
“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.”
