Hubpay announces its seed round for Middle East launch
US venture capital firm - Signal Peak Ventures leads seed funding for 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.
Hubpay is in the advanced stages of the licensing process to receive a Money Services License in the United Arab Emirates market, enabling low cost digital remittances and international bill payment.
According to a statement issued by Hubpay, the regional market is vast with Gulf countries remittances exceeding those of the USA, and the majority of these going to the fastest growing mobile money markets in the world: India, Pakistan, Philippines, Bangladesh and Indonesia. UAE is the third largest market for remittances globally, with $44bn of payments made in 2019 providing 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 it 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 digitisation of remittances will accelerate, creating better access and supporting financial inclusion for the international remittance community."
