Dubai International Financial Centre (DIFC) has announced that it has invested in four FinTech start-up companies.
The investment reflects the DIFC’s commitment to driving the future of finance and is part of the USD 100 million FinTech Fund launched in 2019 to help establish, grow and upscale start-up and growth stage FinTech companies seeking access to the MEASA markets.
The start-ups who applied for funding were evaluated by the DIFC FinTech Fund. Out of those shortlisted, four were selected for funding after a comprehensive review. As part of DIFC’s commitment to developing the sector, more applications will be evaluated and further investments will be made by the fund to be announced within a short period.
To scale up the four FinTech businesses, DIFC FinTech Fund invested in “FlexxPay”, a cloud-based B2B FinTech employee benefits platform allowing instant access to earned income; “Go Rise”, a unique start-up building a holistic and seamless financial services platform for 250 million global migrants, helping them get access to the full suite of financial products in domicile as well as home country; “NOW Money” provides payroll services to Gulf-based companies, and app-based accounts with physical debit card and remittance options for each of their lower-income workers; and “Sarwa”, a robo-advisory wealth management firm.
Arif Amiri, Chief Executive Officer, DIFC Authority, said, “Our position as one of the world’s top ten FinTech hubs is strengthened by making investments in start-ups such as those we have announced today. The DIFC FinTech Fund accelerates the development of impactful FinTech firms, taking them a step further toward capitalising on the strong growth opportunities available in the region. Through investing and providing the region’s most comprehensive platform, we can drive innovation across MEASA’s financial services sector.”
DIFC is already home to the largest, most developed FinTech ecosystem in the region and is continuing to deliver upon the Centre’s blueprint for diversifying and transforming the financial services industry. Its sustained focus on financial sector innovation is enabling the DIFC to help deliver Dubai’s ambitious growth agenda, while supporting the economic vision of Dubai and the UAE.
