Hubpay is a digital wallet building bespoke data-driven financial products accessible to everyone in the world’s most challenging markets. The startup just raised $20m in a series A round. As the first startup to obtain a full Category 3c license in the UAE and now holding In Principle Approval for an EMI license in Pakistan, Hubpay has been able to offer a digital solution to customers looking to send money both domestically and internationally at zero cost.
Hubpay is addressing both the remittance market and the mobile money market by launching a digital wallet for those sending money internationally and those who will use funds domestically. Hubpay has multiple products in the pipeline and 2022 will see the company expand operations into new markets across Asia and Africa.
“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,” Kevin Kilty, Founder and CEO, stated.
Hubpay’s financial inclusion mission is guided by the company’s wider focus on the United Nation’s Sustainable Development Goals. Financial Inclusion is positioned predominantly as an enabler of other SDGs, and the UN has mandated for global remittances to cost under 3%; Hubpay has already dropped this cost to zero. Furthermore, remittance flows have a disproportionate impact in improving the economic lives of women and members of female-headed households.
As Hubpay expands its product range and market presence in 2022, the company will offer financial products to remittance receivers that directly address customer needs including both financing and insurance solutions. Hubpay has built an international team, leveraging strong FinTech talent in the UK with relevant regional experience to maximise reach and impact.
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